ɐn ˈɑːɹbɪtɹɪdʒ ˌɑːpɚɹˈeɪʃən mˈeɪ biː ɹˌɛpɹᵻzˈɛntᵻd æz ɐ sˈiːkwəns wˌɪtʃ bɪɡˈɪnz wɪð zˈiəɹoʊ bˈæləns ɪn ɐn ɐkˈaʊnt, ɪnˈɪʃɪˌeɪts tɹænsˈækʃənz æt tˈaɪm tˈiː ˈiːkwəlz zˈiəɹoʊ, ænd ʌnwˈaɪndz tɹænsˈækʃənz æt tˈaɪm tˈiː
An arbitrage operation may be represented as a sequence which begins with zero balance in an account, initiates transactions at time t = 0, and unwinds transactions at time t