Milliseconds?

Any overnight mispricing is going to become an arbitrage opportunity for market makers, hedge funds, and HFT firms...whom will then compete with each other to mine that arbitrage opportunity until profits go to zero, solving the market inefficiency and mispricing problem over time (and by over time, I mean like probably the first few nights and then it stops being an issue forever).

In other words, a liquidity-based mispricing that happens consistently every night is going to quickly stop being mispriced since its so predictable.