What is the virtues and the significance of Arafa day (The Eve of Eid)

There is no day when God sets free more servants from Hell than the Day of 'Arafa. 
• On the eve of eid, even those having small particles of belief in their heart will be forgiven. 
Ibn-i Omar (ra) narrated from Nafi’ that our Prophet Muhammad (pbuh) said: 
“Allah (swt) looks at his slaves in arafa day; even those having small particles of belief in their heart will be forgiven. 
I asked Ibn-i Omar (ra): 
“All the people or the ones only in Arafat?” 
He answered: 
“All the people…” (Gunyatu’t Talibin-Abdul Qadir Gailani) 
• There is no day when God sets free more servants from Hell than the Day of 'Arafa. 
Jabir (ra) told that our Prophet Muhammad (pbuh) said: 
On arafa day Allahdraws near. Then He shows pilgrims to angels with huge praise. And then saying to them: 
“Oh my angels, look at my servants. They came from far countries, their hair are scattered and in dust. In this case they are seeking my mercy and even fear punishment. Be witnesses, I forgive them. Their place is paradise (jannah).” 
Angels says: 
“There is a person between them, he tells lies. Either does the other woman…” 
Allah says: 
“I forgive them too…” 
'A'isha (Allah be pleased with her) reported Allah's Messenger (may peace be upon him) as saying: 
There is no day when God sets free more servants from Hell than the Day of 'Arafa. He draws near, then praises them to the angels, saying: What do these want? 
Muslim; Book 7, Hadith: 3126 
• There is no day in which devil fall in despise and turn to be despicable other than the day of arafa. 
Hibatullah (ra) narrated from Talha bin Abdullah (ra) that our Prophet Muhammad (pbuh) said: 
“There is no day that devil gets smaller, more despise, more despicable, more malevolent other than arafa day. 
The reason for this also: That day mercy is given to pilgrims and their sins are forgiven..” (Gunyatu’t Talibin_Abdul Qadir Gailani) 
• The day of arafa and Friday are equal in terms of virtue 
Talha abu Ubaidullah İbni Kurayz (ra) narrates that: 
“Messenger of Allah said; 
Arafa day is the most of virtuous of all days. The day of arafa and Friday are equal in terms of virtue. On arafa day of prayers are more acceptable than the other days. The most virtuous word of me and of the prophets before me is: La ilaha illallah vahdahu la sharika lahu. (Allah is unique, There is no god except Allah and it is not also his partner).” (Kutub-u Sitta) . -