I can't really agree with your findings. I still think the largest hindrance to taking advantage of the arbitrage is the international wire transfer fees that coincide with transferring money into the exchanges.<p>Mt. Gox - Astro-based deposits. Not available for US customers.
Kraken (US Based Exchange) - Still waiting on getting their licenses on a PER state basis, until then digital currency can be bought or sold.
CampBX (US Based Exchange) - ACH withdrawal only after Dwolla dropped support, only other options are personal checks (requires KYC verification)and money orders which require 4 days for completion. Their volume is much too low for taking advantage of arbitrage.<p>Coinbase is by far the easiest yet their trades take 4 days to complete if you have a tier 1 account. On top of that they take 1% for every buy and sell of Bitcoin and do not allow you to keep funds within the coin base platform hence no ability to swap funds easily.<p>I've tried arbitrage but the structure is not there to take advantage of...yet.