Yes.

You need coins of the selected arbitration pair on both exchanges.
Also make sure you got btc on both exchanges.

Then you can perform automated arbitration, as in buy low at exchange 1 and sell higher at exchange 2 and vice versa.
Keep an eye on your balance and make sure you not run out of arbicoin/btc. Just keep it balanced so arbitration can be performed.
If all is sold to the other exchange, just move some back etc.

What pair... is something u gotta decide.
In Quatloo Trader you can click "common markets" and select appropriate tab (ie. Bittrex-Poloniex) to see current price difference of al the markets.


Just make sure you start with tiny amounts of coin/btc till you get a hang of it. (by setting "btc holdings" and "coin holdings" to a low % )
I can't give u percentages as this is depending on your balance

Would suggest not to set arbitrage interval below 30 seconds to make sure your ip won't get blocked because of hammering.

 
Hope this helps .

Happy arbitrading