Cryptocurrency world: Is there any Arbitrage oppertunity?

Hello guys. Lets try to study the cryptocurrency market and possibility to exploit any arbitrage opportunities. Arbitrage is any process of maintaining a certain profit or taking certain portfolio position with initial start of zero dollar or the way of getting money from nothing or without tacking any risks.

In my discussion, its the way of getting benefits from the difference in price of coins in different exchanges. If we see the average trading prices of most remarkable exchanges we can see the price difference of 700€ and more. Here we can see the differences in trading prices of different exchanges.

we can clearly see the difference between the trading prices of bitcoin in two exchanges, lets say itbit and paymium as 13,800-11,500 which is more or less about 2,300 euro in 1 bitcoin. one can make a quite decent amount of money by buying in one exchanges and selling in other exchanges.

So what makes it difficult to exploit such risk free opportunities?? Is it the delay in conformation of transformed transactions or it is actually the transactions costs that hinder exercising such opportunities? Or, it is the volatility of cryptocurrecncy markets that is actually demotivating arbitrageurs to actively involve in those opportunities? Or if actually once's perception of visualizing the existence of such opportunities is itself an illusion? Or the huge bid-ask spread of these markets is a potential barrier?

There can be more than one way to study the market, although it seems there are lots of factors that need to be studied for exploiting such benefits, i think there is still a change to make easy money if one is actively studying the markets moves and be prepared to dive for any possible incentives.