Impermanent loss has nothing to do with arbitrage, which your post mentions seven times. It happens exactly the same even if there is only one market, thus making arbitrage impossible. The sites you researched on this topic don't know what they are babbling about (most of them).
Impermanent loss is a fake made up problem that doesn't exist. You "lose" money because you are dollar-cost-averaging, not because there is arbitrage. The tokens in LP pools are for sale, and you sell them automatically on the way up and on the way down. If you were going to dollar cost average anyway there is zero loss incurred.
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