Indirect arbitrage, also known as triangular arbitrage, is a foreign exchange transaction that uses the exchange rate difference of three or more currencies in three or more foreign exchange markets in different places to conduct foreign exchange transactions in these three or more foreign exchange markets at the same time to earn the exchange rate difference.

Arbitrage refers to the use of foreign exchange spreads in different foreign exchange markets to buy a currency in one foreign exchange market and sell it in another foreign exchange market at the same time to earn profits.

Place arbitrage can be divided into indirect arbitrage and direct arbitrage. Direct arbitrage, also known as two-place arbitrage, refers to the trading behavior that foreign exchange traders buy cheap and sell expensive in two foreign exchange markets at the same time under the condition that the exchange rate of a certain currency in two different places is different, and earn the difference profit from it.