Nick Ledger explores how AI algorithms now dominate arbitrage trading, executing thousands of microsecond trades daily by detecting tiny price gaps across global exchanges. From Jane Street's machine learning systems to the cautionary tale of Long-Term Capital Management's 1998 collapse, discover how technology transformed this ancient profit strategy into a high-speed arms race that makes markets more efficient—but increasingly fragile.

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This content was created in partnership and with the help of Artificial Intelligence AI.