We buy tokens wholesale from the model providers. We run them through workflows that produce value. We sell the output at retail. The margin is ours — if we earn it.
Live Energy buys electrons wholesale from the grid. It adds value — reliability, service, billing, account management — and sells to businesses at retail. The margin is in the middle.
Token arbitrage works identically. The commodity changed. The business model did not. Buy wholesale from the API. Transform it into outcomes. Sell the outcomes at retail. Keep the spread.
The only question is how efficiently and effectively you run the transformation layer. That is the entire game.
The token stream is available to everyone. The advantage is in what you do with it.
The model providers set the wholesale price. The market sets the retail price. The operator controls everything in between. That middle layer — the transformation — is the entire business.