arbitrage, n. [F., fr. arbiter to give judgment, L. arbitrari.].
Judgment by an arbiter; authoritative determination. [1913 Webster]
A traffic in bills of exchange (see Arbitration of Exchange). [1913 Webster]
the simultaneous or near simultaneous purchase and sale of the same or closely linked securities or commodities in different markets to make a profit on the (often small) differences in price. [PJC]