Is the same token really one price?
A token trades in a dozen pools at once, and they rarely agree. Arbitrion lines up every venue quoting a mint, measures how far each drifts from the volume-weighted mid, and names the widest gap on the board — the spread an arbitrageur would be staring at.
What the mid means
The reference price is volume-weighted across every pool, so a deep, heavily-traded venue sets the center and a sleepy pool with a stale quote doesn't drag it around. Each spread is measured against that center.
Cheap side, dear side
Venues quoting under the mid are where you'd buy; venues over it are where you'd sell. The distance between the cheapest and the dearest is the gross arbitrage gap — before anything is subtracted.
Why gaps persist
If closing a gap were free, it would already be closed. Spreads linger precisely because the cost of crossing them — fees, slippage, the race to land first — eats most of what looks like edge.