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Fluctuations in electricity price create arbitrage opportunities for compressed CO2 energy storage (CCES) systems. However, previous studies often neglected the dynamic characteristics of CCES systems, leading to inaccurate assessments. This paper addresses this gap by evaluating the CCES system arbitrage considering its dynamic characteristics. We introduce a novel indicator, state of charge (SOC), into a mixed-integer linear programming (MILP) optimization model to capture the dynamics. Utilizing real electricity prices, the model optimizes the CCES operation strategy for a maximum profit. The results demonstrate that a CCES system with a 267 MWh capacity could achieve a total income of 22.5 MEUR in 2022, with a net present value (NPV) of 258.1 MEUR over 35 years, a payback time of 2 years, and an average round-trip efficiency (ARTE) of 77.0 %. Sensitivity analysis reveals that the sizes of the compressor, the expander, and the high-pressure gas tank significantly impact the arbitrage potential. In contrast, the steady-state model-based results demonstrate that the CCES system could yield a higher NPV of 573.7 MEUR, a shorter payback time of 1 year, and a higher ARTE of 87.0 %. This emphasizes the pivotal importance of integrating dynamic characteristics into the design and assessment of CCES systems for arbitrage assessment.