[dmckinno]

In theory, yes, the tokens should be transferable between the blockchain and the CEX, but this link breaks all the time and for various reasons (see the crypto problems section). Lots of things that “should” happen in regular, efficient markets don’t in crypto.

That said, call it whatever you want it. Most people in crypto call CEX/DEX stat arb to differentiate from true risk-free arbitrage, but I agree that people coming from a traditional trading perspective would call this pure arb.