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1.
The purchase and immediate resale in another market of an item in order to profit from a price discrepancy.
Hey, Rob, I just made two points on the 03 paper arbitrage!
by adamisaspaz March 04, 2003
 
2.
A Winnipeg DJ known equally for his stellar mash-ups and penchant for knitting tea cosies.
"Did you hear DJ Arbitrage at Mardi Gras last week?"

"Ya! His set was awesome! But what was with all the tea cosies?"
by winnipegluvah February 12, 2009