I was literally just thinking the same thing, except with BITSHARES because of the super fast confirmation times and cheap fees..there is currently a 2-5cent different in price across chinese exchanges compared to poloniex. Surely this can be taken advantage of.
EDIT: As we speak there is quite large differance in price between LTC on Bittrrex and Poloniex. My portfolio is too small to take full advantage of this but I plan to explore it fully over the coming weeks.
RE: Theoretical arbitrage (Bitcoin Ether LiteCoin), free $$$$$?