As for sandwiches, you might think that seeing a price difference equals an opportunity, but in reality, many times you're just someone else's source of transaction fees... Especially when launching new projects, slippage is maxed out, on-chain hype is rising, MEV bots pick up the scent, and the trade you place is just "thanks for participating."

Right now, I look at the pools first: whether liquidity is thin, whether the trades are just a series of the same address bouncing back and forth, and whether the contract permissions have left a backdoor to change taxes or blacklist at any time.
Arbitrage isn't impossible, but to be honest, you have to outrun others; if you can't, don't force it—at most, try small amounts to test the waters and pay tuition.

Recently, funding rates are again extreme, and in the group, people are arguing whether to reverse or keep squeezing the bubble.
My feeling is: the more outrageous the rate, the easier it is for on-chain to have "someone specifically coming to collect your emotional tax."
Anyway, I don't chase that kind of meat; I prefer to wait until the bubble is squeezed until it's soft, then pick up some leftovers—at least I won't be that piece of ham in the sandwich.