huge arbitrage opportunity at crypto exchanges vs classic ones - EURUSD

[edwardTrader]

Hello.

I would like to ask you why do you think nobody is using arbitrage opportunity between classic forex and forex at crypto exchanges. The exchange ratio difference are monstrous. Right now I am just watching sitting duck of cca 700k EUR at kraken that users are willing to buy for around 1.35 USD. I also see huge discrepancies between BTCEUR and BTCUSD. If I calculated it correctly from coinbase data, the EURUSD should be right now around 1.28947. But the divergence of both crypto exchange rates from may 18 is much bigger - around 1.4 usd for 1 eur. Why nobody uses the opportunity? I personaly do not use it as I am small fish. So for somebody with few hundreds thousands of EUR or USD it can be big opportunity. As it is now poorly arbitraged.

You can see the snapshot of what I am seeing just now at kraken

 

[edwardTrader]

actually, I have discovered miscalculation there. At the time of writing, EURUSD was just 1.28947 based on calculations from coinbase data of BTCUSD and BTCEUR, not 1.4 as I written below. That is my mistake and I apologize