We characterize the minimal time horizon over which any  market with d \geq 2 stocks and sufficient intrinsic volatility admits relative arbitrage  . If d \in \{2,3\}, the minimal time horizon can be computed explicitly, its value being zero if d=2 and 3/(2\pi) if d=3. If d \geq 4, the minimal time horizon can be characterized via the arrival time function of a geometric flow of the unit simplex in  R^d that we call the minimum curvature flow.
We characterize the minimal time horizon over which any equity market with d \geq 2 stocks and sufficient intrinsic volatility admits relative arbitrage with respect to the market portfolio . If d \in \{2,3\}, the minimal time horizon can be computed explicitly, its value being zero if d=2 and 3/(2\pi) if d=3. If d \geq 4, the minimal time horizon can be characterized via the arrival time function of a geometric flow of the unit simplex in \mathbb R^d that we call the minimum curvature flow.
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equity
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with respect to the market portfolio
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