Trading that involves wearing sunglasses and a long leather coat, punctuated by sudden bursts of slo-mo.
It's also a strategy in bond trading. It involves taking advantage of pricing mismatches at different parts of the yield curve. (The yield curve refers to the change in interest rates as maturities for bonds get longer...the rate on a 5-year bond versus a 10-year bond versus a 30-year bond, etc.).
The trader sees that some maturity length doesn't have a price that fits with the rest of the prices in the yield curve. To take advantage of this, the trader sets up a bond swap. To profit, they're looking for the market to correct the pricing error. In effect, the trader is arbitraging the pricing discrepancy, waiting for market forces to reorient prices back to the usual relationship.
Fundamentally, the strategy works out like this: a trader notices that prices are out of whack. They put a trade in place that profits when the anomaly works itself out.
Of course, all that assumes that mispricing works itself out eventually. The market might not correct; the yield curve discrepancy might get worse, a situation that would cause the matrix trader to lose money.