In classical stock markets, if Apple is worth $450 a share and they issue a $10 dividend after trading closes, the next morning the stock will trade at $440. I

In classical stock markets, if Apple is worth $450 a share and they issue a $10 dividend after trading closes, the next morning the stock will trade at $440. If you grew up reading the stock listings in things called "newspapers" sometimes you would see a letter (I think "x" for "ex-dividend" but it's literally been decades) in the listings next to stocks that were doing this, so you knew that a price drop was about to/had just happened. So even if no one were engaging in arbitrage opportunities, it would make no difference when you purchase the stock.