the key is to be able to complete all the trades in near time to avoid slippage. Not risk free

on the topic of arbitrage I have considered this strategy before, eg cross exchange arbitrage.  The main sticking point I see is moving your fiat in the opposite direction in preparation for more trades.  There are fees and a time lag associated with this, that may make the strategy not an efficient use of capital.  The fiat problem is worst when all the arbitrages are always in the same direction.  anyone have any experience with this?