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Gross edge

The raw pricing gap before fees and before walking the order book — the number most 'free money' screenshots show.

Gross edge is what you get by adding the two best displayed prices and subtracting from the payout. It ignores the fee each venue charges on the fill and assumes the displayed size is real. It is useful only as an upper bound; the decision number is the net edge.

Related terms: Net edge · Taker fee

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