Find two or more markets whose outcomes are logically connected, then trade the gap between their prices when the math doesn't line up. For example, a candidate can't win the general election without first winning the primary, so 'wins general' can never be priced higher than 'wins primary' times the chance of winning given the nomination. When the crowd violates that relationship, you buy the cheap leg and sell the rich one. The edge is the inconsistency between linked prices, not a view on who actually wins.
Markets on Polymarket where cross-market arbitrage (related events) is the natural play: