There isn’t much info about Bitrage out there as it’s still private and beta, and only license owners are able to access to our private group and run the latest beta versions.
Right now Bitrage execute triangular arbitrage, that is, for example, if you have 1 BTC, the bot uses it to buy ETH, then use ETH to buy LTC and finally it uses LTC to buy BTC again. As you can see it’s called triangular arbitrage because there are 3 coins involved, and all the trades are executed on the same exchange. The goal is to increase the starting BTC amount. Obviously the base coin can be any coin. In this case it’s BTC, but you can pick, USD, EUR, ETH or any other coin you want.
Next Bitrage version will include the new GUI, easier to use and more user friendly and direct arbitrage between different exchanges is being tested internally now and it will be implemented very soon in the “public” beta version