This paper presents a bimanual haptic display based on collaborative robot arms. We address the limitations of existing robot arm-based haptic displays by optimizing the setup configuration and implementing inertia/friction compensation techniques. The optimized setup configuration maximizes workspace coverage, dexterity, and haptic feedback capability while ensuring collision safety. Inertia/friction compensation significantly improve transparency and reduce user fatigue, leading to a more seamless and transparent interaction. The effectiveness of our system is demonstrated in various applications, including bimanual bilateral teleoperation in both real and simulated environments. This research contributes to the advancement of haptic technology by presenting a practical and effective solution for creating high-performance bimanual haptic displays using collaborative robot arms.