It really depends on the actual prices, now selling steem at poloniex and buying at the internal market works, but a month ago it wasn't profitable. The opposite was profitable, buying steem at poloniex and selling at the internal market.
If you check the prices 1 month ago, you can see the opposite strategy worked.
Here is a post from steemit archive:
https://steemit.com/steem/@cryptorune/steem-dollar-poloniex-pump-is-a-arbitrage-goldmine
I need do more research in this subject but I assume the main problem is that the witnesses set the price feed (sbd/steem ratio) and they are not so good in that.
yeah that was when it first started right... when polo. first opened up to SBD and steem and the SBD was like 1.40 on there... If SBD got up again really high, i could see something like that happening again.
But i was thinking an opposite effect driven by a decline in steem price. So steem price starts to go down, but then the reverse direction arbitrage kicks in and pulls it back up... but that never seems to happen.