This paper establishes the absence of arbitrage opportunity for a large trader whose orders can influence market prices until a new order arrives. This result extends the line of research spawned by [R. Jarrow, “Market manipulation, bubbles, corners and short squeezes”, J. Financial Quant. Anal. 27, No. 3, 311–336 (1992)]. Its intuition is that, in order to avoid transaction costs, the large trader uses a continuous trading strategy of bounded variation, thereby duplicating the trades of an infinitesimal trader supported by essentially the same prices.