I think arbitrage is too risky and will end up in losing money because of fees. Today, with high-speed trading, arbitrage opportunities last only for a few milliseconds seconds in widely traded markets. Arbitrage opportunities in the commodity futures market last for very short periods.
Yeah I recently read about arbitrage in the stock markets, and it lasts literally for seconds, but for Bitcoin, the time frame is better. So it might be risky but is definitely profitable