You probably don't wanna be using an exchange that doesn't even offer a websocket connection tbh. Every single major exchange supports it, so this is a non issue.
I know few that still uses Rest API but you are right. Majority of them are using websocket and thanks to that rate limits for order books are not an issue.
This was just an arbitrary example of a bot configuration that I had used. You can let bots run forever if you want, you also have the option to set a time limit if desired.
I don't think that this utility is worth to add to bot (time limit). I doubt that anyone will use it.
and OHLCV feed for a few different trade pairs),
Why you need OHLCV for? Isn't it useless for arbitrage bot?