First time posting..i am new to this site and new to trading crypto's ... but i am not new to trading.

As i dive into the world of cryptos...one of the main attractions that i see (again..early on in my learning curve) is the insane potential for profits in arbitraging.  Not necessarily as the OP states...by moving coins from exchange to exchange....but rather from coin to coin.  I think there is a TON of potential there.  Maybe you ultimately want ETH...but because none of these markets appear arbitraged...it may be cheaper to go USD to, say, BCH, to ETH...as opposed to directly USD to ETH. 

I come from the world of futures, forex, and equity trading...for the point of this topic, the forex is most applicable....but all of those markets are arbitraged.  buying a euro with your usd will be almost exactly the same as buying that euro with yen that you bought with usd.  I am not used to seeing these instruments trade out of sync with each other.  I can look at a chart of BTC/USD  and a chart of ETH/USD ...they both are doing the same thing...moving pretty in step with each other...lets say they both are up 10% for the day... so in an arbitraged market...a chart of ETH/BTC should be essentially flat, and sideways...because even though each coin is appreciating in value...they are doing so at essentially the same pace...so the ETH/BTC shouldn't be moving all over the place. but it is. 

they are not balanced and i think there is MASSIVE potential to exploit that.  On the down side though, also seems to greatly increases the risk factor.

Am i missing something here?  I have not yet put money on the line in trying this strategy...but i feel like there is something i am not seeing, in regards to arbitraging potential.