How Can an Arbitrageur Profit from a Mispriced Volatility Skew?

An arbitrageur can profit by identifying an option whose implied volatility is inconsistent with the overall volatility skew pattern. For instance, if a put option is trading with an implied volatility that is too low relative to its neighbors, the arbitrageur can buy the underpriced put and sell a portfolio of other options (a hedge) to capture the difference, assuming the skew reverts to its expected shape.