I have achieved a kind of accident arbitrage when going from Coinjar (Australian) to BitNZ (New Zealand). Buying via Coinjar is a bit like buying from Coinbase- the fees aren't outrageous and withdrawal is free. BitNZ has poor liquidity, but this means that you can quite often get good selling rates because people are desperate to buy (given lack of orders) and move closer to the sell price.
I am not doing this for the purpose of arbitrage- I am simply wanting to go from AUD to NZD- but the end result 80% of the time is to achieve an end conversion that is better than the actual spot currency conversion rate- around about a 1.5-2% gain. I think it would be possible to buy back into BTC on Bitnz and achieve some BTC arbitrage too, but it would require a bit more patience for orders to fill. The benefit with low liquidity exchanges is that the market is often slow to react to broader market movements.