![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
i currently have a code that does this. i also have run it for a while and also made trades with small amounts for testing. i won't deny that there is a chance of making a profit but in total the risk is way too high and the profit is so small. you will most probably end up losing a lot more.
and usually the price difference is found in small exchanges. and the issue with those is that they don't have enough liquidity. the order size for example is less than 10000 satoshi sometimes!