I just wanna told you that if it's not all of exchange site needs to start with 100 millions USD. binance was also starting from nothing to something.
I know, but SBF presented himself as a trader who became a billionaire through arbitrage. Not only this but he claims he did it within one or 2 years ! I have not heard of anyone else who has become rich through arbitrage in such a short amount of time. For those who bought lots of Bitcoin around 2010, yes, it is possible to make a fortune but not for arbitrage traders.