> For the complete documentation index, see [llms.txt](https://docs.aera.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.aera.finance/v1-archive/guides/arbitrageurs.md).

# Arbitrageurs

Arbitrageurs and traders consume Aera liquidity and facilitate portfolio re-balancing. Right now, liquidity is stored in an underlying Balancer pool on the Aera contract accessible via the `pool()` with trading enabled.

To learn more about the underlying Balancer pool, see [Balancer Managed Pool](/v1-archive/concepts/aera-vault/balancer-managed-pool.md).

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In emergency circumstances, the Aera vault owner (treasury) and Vault guardian can elect to disable trading on the underlying Balancer pool.
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