There are many kinds of arbitrage.
Did you mean broker arbitrage? I do not think it is possible to do broker arbitrage using standalone MT4 because it is only able to connect to one broker at a time.
Is possible to connect 2 broker between 2 MT4 platform but I'd like to know the best latency performance. It's possible to join 2 MT4 with 2 different brokers but I want to know whether this system is more or less performing that Zorro join MT4