I wrote my own software using existing API libraries. Only tested on a limited amount of exchanges and coin pairs, and could not find any profitability when fees are taken into account. Although arbitrage probably does exist, it not not a regular occurrence and in my limited experience not something that can be traded hundreds of times every day.
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It can be profitable if you work with exchanges across continents. For example, I buy litecoin on coinexchange and sell it on altcointrader.co.za which is a South African crypto exchange. The margins are greater as you're selling in local currency which far weaker than the US dollar.