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Whatever your GM says it covers. Traditionally, Arcana would involve itself with magical facts and figures while History is historical events. So if you're trying to learn about the Great Magus Virraln and the vast kingdom he ruled thousands of years ago...
History would let you know things like where and when it existed, any particularly important stories exist, how scholars viewed its impact on society and culture at the time.
Arcana would let you know things about Virraln, how his magic worked, what he did with the magic, what branch(es) of magic he founded or used, if there were any great demons/demigods that he enslaved, and things like his Great Fire Gem Of Volcanic Summoning which he used to crush the enemies (it summoned a volcano that spat out fire elementals, really neat stuff).
There would be some overlap, of course. It is quite likely History would say he had a great magical weapon and Arcana would say he used it to conquer neighbors. However, History wouldn't know how it worked and Arcana wouldn't know which neighbors.
Other examples are for esoteric issues like the lost spell of planar destruction thought to be created by the First Wizard of Theearn. Given that it is some kind of spell, esoteric, believed to be mythical, and very long ago, History would have almost nothing to say on it. Historians wouldn't care. Arcanists though, they'd care. They'd teach about it and talk about it and search for it.
Aliens!
History is facts.
Mysteries are just that ... mysteries. Of course, after the mystery is solved, it becomes History.
History is facts.
Mysteries are just that ... mysteries. Of course, after the mystery is solved, it becomes History.
You could say that mystery...
*sunglasses*is history.