Great article! I used to do risk-free arbitrage on Polymarket for a while. Later, after Polymarket got blocked in Singapore, I stopped. Back then, I would place orders on both sides to hedge and earn some arbitrage profits. Or, for orders where the outcome was already known but not yet settled, I could make some late-stage returns of around 1%, and if I got lucky, even 3%. Although the returns were relatively low, the settlement time was usually pretty fast. As for future development, even though it’s not AMM, I think AI can still be used to provide some market-making services. Then, LP funds can benefit from both market-making and fee-sharing.