RE: Arbitrage OpportunitySharp point sazfar13. I've come to realize that these markets are too small for the big arbitrage players to bother with, but for an individual there's worthwhile opportunity. To actually do this, you'd have to know how to exercise the warrant early, and have the necessary cash. Has anyone here actually done that? Can you just call up your broker, deposit the cash, and tell them you want to convert? Easy as that?