There's also more complicated tricks, like arbitraging via an altcoin. I'll mention that later, didn't want to get too detailed right at that point. Basically,

There's also more complicated tricks, like arbitraging via an altcoin. I'll mention that later, didn't want to get too detailed right at that point. Basically, though, it's reasonable to assume that arbitrage is happening as absolutely efficiently as it possibly can, and we still see huge spreads, because the Bitcoin market is structured for inefficiency and volatility.