
There are various strategies arbitrage traders can use, including:
-Simple Arbitrage: selling and buying the same coin immediately on separate changes.
-Convergence Arbitrage: Buying a coin on one exchange where it is undervalued and short-selling the same coin on another exchange where it is overvalued. You can make profit from the convergence amount when the two separate prices meet at a middle point.
-Triangular Arbitrage: It's about taking advantage of the price differences between 3 currencies. An example is when you buy BTC in USD, sell it to make EUR, and then exchange those EUR back to USD.

The most common approach to cryptocurrency arbitrage is to do everything manually; searching for price differences in markets and placing trades and transfer funds accordingly.
There are also many online services like cryptocurrency arbitrage bots that are designed to make it as easy as possible to track differences and price movements.