I did make some money on arbitrage, but it is coming with significant risks. To mitigate the risk, I found the cheapest token out there, bought it at 0.00000001 BTC, brought it to the other exchange, and sold it for ETH, than brought ETH back to BTC... 6 days and I made my money x4 times... But it was a rare opportunity I found, and also in the market with less than 50 trades across 4 different exchanges, so you can imagine...  Not something I would do daily.