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That's not arbitrage though. Kraken has a market rate. The only way to arbitrage the USDT / USD rate is if you have a reliable place to sell USDT at 1:1.

You can definitely use Kraken's market to arb:

- buy BTC with your USD on Coinbase Pro.

- sell your BTC into USDT on Binance.

- Sell your USDT back into USD on Kraken.

It really doesn't matter if the last step is 1:1 or another rate. If the price between Coinbase and Binance is big enough you can profitably arb this.

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