From the perspective of behavioral finance, this paper combines the limit arbitrage and irrational trader and makes analysis on pricing efficiency of asset. By introducing the tendency trader, we develop the model of Shleifer and Vishny (1997). With the model results, we further analyze them by simulation and find that： 1). There are nonlinear relations between the expected profit of arbitrageur and arbitrage ability or irrational degree of investor; 2). Under some conditions, the arbitrageur not only fails to stabilize the market, but increases the volatility of asset market as well.