Uniswap, Defi, Uniswap V3.
look at what happens when the price changes +0.1% in the CEX. The CEX price now is $3003, which is out of the non-arbitrage region. The arbitrager computes the DEX target price P_T, equal to 3003 · 0.9995 due to the pool’s 0.05% fee, and swaps some USDC for ETH on the DEX to raise the DEX price to