EX-99.906CERT

                                 CERTIFICATIONS
                                 --------------

John S.  Orrico,  Chief  Executive  Officer and Chief  Financial  Officer of The
Arbitrage Funds (the "Registrant"), certifies to the best of his knowledge that:

     1.   The  Registrant's  periodic  report on Form N-CSR for the period ended
          May 31, 2005 (the "Form N-CSR") fully  complies with the  requirements
          of section 15(d) of the  Securities  Exchange Act of 1934, as amended;
          and

     2.   The information  contained in the Form N-CSR fairly  presents,  in all
          material respects,  the financial  condition and results of operations
          of the Registrant.


CHIEF EXECUTIVE OFFICER/CHIEF FINANCIAL OFFICER

The Arbitrage Funds


/s/ John S. Orrico
- --------------------------------------------
John S. Orrico, President and Treasurer

Date:  July xx, 2005


A SIGNED  ORIGINAL OF THIS WRITTEN  STATEMENT  REQUIRED BY SECTION 906, OR OTHER
DOCUMENT AUTHENTICATING,  ACKNOWLEDGING OR OTHERWISE ADOPTING THE SIGNATURE THAT
APPEARS IN TYPED FORM WITHIN THE  ELECTRONIC  VERSION OF THIS WRITTEN  STATEMENT
REQUIRED BY SECTION 906, HAS BEEN  PROVIDED TO THE  ARBITRAGE  FUNDS AND WILL BE
RETAINED BY THE  ARBITRAGE  FUNDS AND FURNISHED TO THE  SECURITIES  AND EXCHANGE
COMMISSION OR ITS STAFF UPON REQUEST.

This certification is being furnished to the Securities and Exchange  Commission
solely  pursuant  to 18 U.S.C.  1350 and is not being  filed as part of the Form
N-CSR filed with the Commission.