You also want to think about what you mean by arbitrage. If you can buy IBM at 95 on NYSE and sell it at BATS for 100, you might call that an arbitrage. Your main issue is sending the orders off before someone else does. The problem you don't have is credit risk. Your money on one exchange is as good as your money on another. In crypto this is not quite the case.
Thanks for the comment. I reiterated that it was not an apples-to-apples comparison for stock exchanges...but let's be honest. NYSE and Nasdaq are far and away the leaders.
Aboslutely agree on sending the orders off before someone else does. I mention that in the "pitfalls" section.
Here is a chart of exchange volumes. It's far from a two-horse race. There are structural reasons why there will be business for more than just a couple of exchanges, and it's closely linked to arbitrage players actually.
https://www.sec.gov/marketstructure/datavis/ma_exchange_trad...