for the most part, the best arb trades are the ones that are already ridiculously fat. the others are just a blowup waiting to happen; enter too soon and you'll be the account that gave someone else an opportunity for a fat spread
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I'm mostly joking, basically yes though to answer your question. you can capitalize on different maker/taker fee structures and price changes across exchanges, mostly dominated by HFTs by now
Times used to be in the good old days you could do this flying solo though, in the Bitcoin 10k era
