Is it possible to make money doing arbitrage as a retail trader?

Mainly want to know if it’s possible to do arbitrage as a retail trader or if HFT and market makers snatch up all openings instantly.

Would it be possible to do it on lower cap stocks that aren’t being hawked by HFT?

Is arbitrage realistically profitable after fees and such to a retail trader or is it only worth the effort if you can do thousands of transactions?