I can't totally tell, but I built something very similar (I think) operating on the Gemini Exchange. Buying and selling corn making a small profit on each trade, based on the fluctuation of the price. I made a fair amount of profit, but the bookkeeping was a royal pain. I think I made over 13,000 trades in one calendar year.

Websocket breakages, and breaking changes in their API convinced me to shut it down after all my pending orders closed.