In our experience, we built an arbitrage app in the past to pull all the pairs btw multiple DEX in ETH and BSC chains but the opportunities we got was turned out to be negative due to gas fees in ETH chain, with BSC chain the opportunities were there but due to slippage or tax(what ever the hell) we dont see much profit there as well. So i would say its more luck when it comes to CEX, there must be an opportunity with real volume and CEX shouldnt disable the Deposit or withdrawal(Usually they do!), in DEX u should calculate gas fees+ slippage tolerance with decent volume then yes arbitrage may work. Rather find potential project and invest!