Is bitcoin arbitrage profit varies with BTC market price?
If you want to make money on arbitrage like this, you should have reserves on both exchanges, and at the moment when you are buying in btc-e, you should sell at cryptsy (for example). Otherwise te price can change to "wrong" direction when you are transfering bitcoins from btc-e to cryptsy or vice versa. Also, you should understand how to withdraw/deposit fiat to this exchanges fast with minimal expences, that can be the biggest issue especially for btc-e.