Well, hedge-funds don't play arbitrage games anyways. This is for scalpers and mostly day-traders. Banks don't even really play arbitrage - not as a means to profit at least.

Only benefit to being a hedge-fund is you have lots of money to play with, which you'll need because the profits in arbitrage are very thin. You need likely 20K+, good spreads, fast execution, and an automated strategy to consider it worth your time.