A large financial market is described by a sequence of traditional market models with finite numbers of assets. There are various concepts in the spirit of no asymptotic arbitrage related to the contiguity of a sequence of equivalent martingale measures with respect to the sequence of historical probabilities. In this article, I show that in the case of continuous price processes, the existence of a bicontiguous sequence of martingale measures is equivalent to the property of no asymptotic free lunch with bounded risk.
"Free lunch for large financial markets with continuous price processes." Ann. Appl. Probab. 13 (4) 1494 - 1503, November 2003. https://doi.org/10.1214/aoap/1069786507