I recently found out about running arbitrage bots. How can I do this and how is it different from mining?

So I just found out about arbitrage bots. Can someone provide some insight into how it works and how one could get started? I know it requires a decent size initial investment. But with fees how is this profitable? I guess all exchanges aren't timed perfectly when it comes to actual crypto value, so people can profit off inaccuracies between exchanges? Will there ever be a day when all exchanges are in sync with one another so it is impossible to do this? Does anyone suggest a specific type of bot to try this running a bot themselves?