UPDATE: Oh in this case it could also be the other way round, you have to convert internally steem to steemdollars and then sell them on an external exchange to for example bitcoins. then buy with the bitcoins steem on an external exchange so on and so on. sadly steem seems to miss an ability to internally convert steem to steem dollars, so we most likely just have to wait until the 100% steem inflation per year (currently even 5000%) brings downs the steem price to one steem dollar or below. so im sorry in this case, you cannot do anything to correct the steem dollar price, except waiting for the steem inflation to take place and bring the price down again :)
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I think that's what I said. scratches head
I never said there was arbitrage, per se, only that there is a premium price for SBD on the exchanges for authors who are interested in cashing out at a higher rate than what they expected.