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Arbitrage opp:

Write a program to take the opposite side of any bet that you can hedge in the public market.

For example: if someone bets against Tesla, and you can take the opposite side, but (more) cheaply offset your risk in the option market.

The only problem is you don't know what the value of ETH will be 2-3 days in the future.

You could hedge the value of ETH in fiat markets, or you could wait until Augur supports betting with Dai.

How would you hedge the value of ETH? I'm not aware of a way to short it.

You should be able to do it on BitMEX. Shorting CBOE Bitcoin futures could also get you part way there.

Multiple ways to short ETH, as mentioned by another user. Including on augur itself!

Sure... in theory. I'm skeptical that there is going to be anywhere near as much demand for 5x levered exposure to ETH as there is for shorting ETH.