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What is cryptocurrency arbitrage?

Answer:
Arbitrage: to take advantage of price differences across different exchange platforms. Let's make a study case:

XYP Token is trading at $100 on exchange A
For some reasons, XYP Token is trading on exchange B at $105

You can buy XYP Token on exchange A for $100 and sell it immediately on exchange B for $105, netting a $5 dollars in profit per coin.