We examined 26 industries to estimate the amount of technological arbitrage opportunity available to a typical firm. By presenting a novel way of treating time series data that combine the properties of intertemporal and sequential production frontiers, we analyze 10,650 firm-year observations for the years from 1999 to 2003. We report calculations and our empirical estimates of arbitrage opportunities for possible use by other scholars who would like to utilize arbitrage opportunities in their research and discuss implications