No.<p>HFT, when it is done at milliseconds of latency between exchanges to trick an order into executing at a &#x27;fair price&#x27; because the order was sent to one exchange and HFT &#x27;arbitragers&#x27;, decide to manipulate the price at other exchanges due to latency for the same stock buy&#x2F;sell.<p>It is arbitrage free, riskkless arbitrage that adds no value to a market, as it creates none but destroys it.  Arbitrage adds value to a market by offering something cheaper; HFT removes the cheaper for the more expensive.