Furthermore, I've seen it used in the context of hidden transaction costs in the markets. For example, you see security A trading at $100 on exchange X but $105

Furthermore, I've seen it used in the context of hidden transaction costs in the markets. For example, you see security A trading at $100 on exchange X but $105 on exchange Y. You think "free money!" but on closer examination exchange Y charges $5.01 to transact. These are totally nonsensical numbers, but they do extend to the analogy on ideas.