According to Investopedia, "Arbitrage is the simultaneous purchase and sale of an asset to profit from a difference in the price. The locational arbitrage means when the currency exchange rate differs from location to location.Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. Arbitrage opportunities lie in any market setup that has certain ineffectiveness. One can find such changes to make riskless profit in many markets. It involves buying low in one location and selling high in another, capitalizing on differences in prices, resources, or market conditions. The locational arbitrage means when the currency exchange rate differs from location to location. 47 CFR § 61.3(ccc). Arbitrage is a widely used trading strategy, and probably one of the oldest trading strategies to exist. Ly defined, section 361 sets out examples of adequate protection.