Wood has been a solid contributor out of the Rays bullpen since the start of 2018. The right-hander has a 2.48 ERA with 24 strikeouts in 29 innings this season.
Cleveland's relief corps has been among the best in MLB to this point. That group leads the league with a 3.25 ERA and ranks sixth with a .706 opponent OPS. Wood will give manager Terry Francona more depth to use down the stretch.
Arroyo is a utilityman who has played second base, third base and shortstop in his career. The 24-year-old has hit .215/.280/.342 in 70 games since making his MLB debut with the San Francisco Giants in 2017. He was transferred to the 60-day injured list in July with forearm tendinitis and is expected to return in August.
Cardenas, 21, is in his second professional season after being a 16th-round draft pick in 2018. He is hitting .284/.343/.475 in 84 games with Low-A Lake County this season.
Kyle Glaser of Baseball America noted Cardenas' best asset is above-average raw power, but "at times he sells out for power and gets caught tinkering with his swing too much."
Both teams added depth in different ways, with the Indians filling out their bullpen and getting another infielder who can help them at the MLB level now and in the future. The Rays take a flier on a young prospect with power to see if he can translate that into performance on the field.