Arb spread between SSF and Equity

Let's say you short a SSF and you go long an equity common that pays a sizable dividend.

Since the short SSF is not assigned the dividend, is there an arb. play here.

or am I the last guy to figure out that this won't work.

 

F = cash + interest - dividend, thus is should be priced in

 

It sounded good when I said it fast.

I don't have a trading platform to try it... but I'd like to see what happens over a dozen stocks or so.

 

There is a problem in trying to arb these two, because the SSF in not trading very actively.