What Is the Fundamental Difference between Triangular and Spatial Cryptocurrency Arbitrage?

Triangular arbitrage involves exploiting a price discrepancy among three different assets on the same exchange. The trade path is Asset A to B, B to C, and C back to A, all in one sequence.

Spatial arbitrage, conversely, involves exploiting a price difference for the same asset across two or more different exchanges. This requires moving assets between platforms, introducing withdrawal/deposit fees and transfer time risks.