There's a wide variety of strategies available. The type you mention of picking up small inefficiencies certainly exists but there are plenty of other strategies that involve having some sort of informational edge
There are many such strategies. It's not all HFT either. For example, a strategy that short BTC and goes long ndx/qqq at the open and closes both positions at the close (four trades total), allocating half of capital to each pair, posted a double-digit gain for 2023 despite btc rising. https://greyenlightenment.com/2023/12/31/2023-bitcoin-method...
there are many other things like this. gotta keep your eyes peeled but they exist.
There are many such strategies. It's not all HFT either. For example, a strategy that short BTC and goes long ndx/qqq at the open and closes both positions at the close (four trades total), allocating half of capital to each pair, posted a double-digit gain for 2023 despite btc rising. https://greyenlightenment.com/2023/12/31/2023-bitcoin-method...
there are many other things like this. gotta keep your eyes peeled but they exist.