Suppose you have $$1$ million and you are provided with the following exchange rates:

EUR$/$USD $=0\mathrm{.}8631,$ EUR$/$GBP $=1\mathrm{.}4600$ and USD$/$GBP $=1\mathrm{.}6939$

With these exchange rates there is an arbitrage opportunity:

Sell dollars for euros: $$1$ million x $0\mathrm{.}8631=863,100$ euros

Sell euros for pounds: $863,100/1\mathrm{.}4600=591,164\mathrm{.}40$ pounds

Sell pounds for dollars: $591,164\mathrm{.}40$ x $1\mathrm{.}6939=$ $$1,001,373$ dollars

$$1,001,373-$ $$1,000,000=$ $$1,373$

from these transactions, you would receive an arbitrage profit of $$1,373($assuming no

transaction costs or taxes$).$