[Verse 1] Picture two identical coffee shops on different streets Same beans, same brew, but different price receipts One charges five, the other charges three Smart traders smell opportunity If perfect twins can't share the same fair cost Arbitrage hunters won't let profits be lost Buy low, sell high, pocket the spread Until both prices meet instead [Chorus] No arbitrage, law of one price Identical twins can't roll different dice Same asset, same value, same market call One price rules them all No free lunch, no risk-free gain Perfect markets make it plain Same asset, same value, same market call One price rules them all [Verse 2] Apple stock trades on New York's floor Same Apple shares on London's shore If New York quotes one hundred ten But London sells for ninety yen equivalent Traders pounce like hawks on prey Buy in London, sell New York way Keep cycling till the gap dissolves Market forces always solve [Chorus] No arbitrage, law of one price Identical twins can't roll different dice Same asset, same value, same market call One price rules them all No free lunch, no risk-free gain Perfect markets make it plain Same asset, same value, same market call One price rules them all [Bridge] Information flows at lightning speed Eliminating trader greed Efficiency keeps prices tight Making wrongs into rights [Verse 3] This foundation builds the tower Of modern pricing theory's power From bonds to options, futures too One law makes markets true [Final Chorus] No arbitrage, law of one price Market wisdom, sound advice Same asset, same value, same market call One price rules them all Perfect substitutes align On the same price line Same asset, same value, same market call One price rules them all [Outro] When markets work the way they should Identical means understood One price, one truth, one market call One price rules them all
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