Put Spread Arbitrage

Consider an underlying asset $S$ and two European put options with the same maturity $T$:

• A put with strike $K + \varepsilon$, priced at $P_1 = 10$
• A put with strike $K$, priced at $P_2 = 11$

We construct a put spread by buying the put with strike $K + \varepsilon$ and selling the put with strike $K$.

Question: Is there an arbitrage opportunity?