Phosphatidylinositol 3,4,5-trisphosphate-dependent GTPase- activating protein that modulates actin cytoskeleton remodeling by regulating ARF and RHO family members. Is activated by phosphatidylinositol 3,4,5-trisphosphate (PtdIns(3,4,5)P3) binding. Can be activated by phosphatidylinositol 3,4-bisphosphate (PtdIns(3,4,5)P2) binding, albeit with lower efficiency (By similarity). . This is the function of ARAP2 (ArfGAP with RhoGAP domain, ankyrin repeat and PH domain 2, ENSG00000047365).