$are_equal = compare_arrays(\@frogs, \@toads);

sub compare_arrays {
    my ($first, $second) = @_;
    no warnings;  # silence spurious -w undef complaints
    return 0 unless @$first == @$second;
    for (my $i = 0; $i < @$first; $i++) {
        return 0 if $first->[$i] ne $second->[$i];
    }
    return 1;
}
[download]

Note that compare_arrays returns as soon as it can determine the equality - immediately if the refs point at the same array. If not, it returns as soon as it finds the first difference.

Update: Misread it as $first == $second zigdon is correct