You can make big money trading the volitility, if you get really lucky. The price of some puts I looked at went up 500%+ during the drop today. Would not try this personally lol
At any rate, my point isn't you can't make money off this, it's that there's no easy arbitrage opportunity happening on GME. It's basically trading like a volatile stock would trade, and it's being priced as such. Whatever free or easy money you think there is to be made on GME is likely just a coin toss.