While unlikely in this case, a few ways this can play out is: 1. You’re connected to more venues to your counterparty, and can hedge out profitably even if the

While unlikely in this case, a few ways this can play out is: 1. You’re connected to more venues to your counterparty, and can hedge out profitably even if their trade was good. 2. The loss is conditional on trading with you (maybe you can price a derivative very well). The counter parties might on average make money, except when you’re sitting on the right side of a mispriced derivative. 3. You lose money when trading with other bots, but are good at competing to provide liquidity to other traders who are not toxic on a short term