I imagine that arbitrage should be particularly lucrative for exchange owners, especially if they collude.
I have always assumed that BFX and stamp are arbing the book before it opens. This is standard practice in U.S. equity markets: Orders are first matched in-house, only then on exchange. Most HFT is just the attempt to approximate this at the exchange tier, in a competitive, rather than a cooperative environment. HFT arbs are present on all computerized markets that I am aware of.