Equality of futures and forwards prices

CFA Level I Derivatives
#1

I don’t understand why forwards prices equal futures prices when interest rates are the same from t=0 to t=T. Consider the situation of someone who is consistently on the winning side of the futures/forwards trade. In this case, they get the daily settlement from futures which they can reinvest at an interest rate r. This does not happen with forwards since settlement is typically done at maturity.

So, given this, shouldn’t futures be more valuable?

#2

The price of futures and forwards is arbitrage free, with given interest rate, t=0, t= T, the price is the same. You may be confused by the mark-to-market feature of futures. No reinvestment here as equities.