I have been trying to simply visualize how a front runner makes money. Now I think I understand it. Basically, a front runner looks for orders which will move

I have been trying to simply visualize how a front runner makes money. Now I think I understand it. Basically, a front runner looks for orders which will move the price on an exchange. So if an exchange has the following sell orders: 0.1 BTC @ $5100 0.1 BTC @ $5110 0.1 BTC @ $5120 And someone places either a market buy for 0.3 BTC, or a limit buy for 5120+, then they would expect to get 0.3 BTC @ 5110 average price. However, the front runner, if they can see this order is about to be placed, could theoretically buy 0.2 BTC @ $5105 average, and instantly relist them for 5120, knowing they will be immediately sold to the $5120 limit / 0.3 BTC market buy order about to be placed, in this case pocketing $15/BTC