Delta-neutral
A position whose value does not change when the market moves, because the long and short legs cancel out.
Delta is sensitivity to price. A position is delta-neutral when its legs have equal and opposite exposure: long 1 BTC on one venue and short 1 BTC on another means a move in BTC produces a gain on one side and an identical loss on the other.
That is what makes arbitrage a spread trade rather than a directional one. You are not paid for being right about the market; you are paid when the two prices meet, or when funding settles in your favour.
Neutral in P&L is not neutral in risk. The losing leg still consumes margin in real time, so a sharp move can liquidate it while the profitable leg's gain sits unrealised on another exchange. Keeping free margin on both sides is the part beginners skip.