Question about arbitrage

I was looking at arbitrage opportunities among exchanges and was thinking that this was already a crowded field - the tracking of prices among exchanges was close enough (within 0.5%) that the fees would eat the profit.

Except for today. Right now Gemini BTC is at 6830 and GDAX is at 6937. Gemini ETH is at 286, GDAX is at 296. And this is not a fluke. Has been going on for hours.

1.4% diff on BTC. 3.3% on ETH. That's huge. Why aren't arbitraging bots damping this down (making huge $ in the process)?

submitted by /u/MedvedTrader
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