Last night, I did reconciliation again in the dead of night. Looking at the execution prices of my few swap fills, one thought kept running through my head: is this truly an arbitrage opportunity, or am I just paying someone else’s fees... As for sandwiches—plainly speaking, you never actually see those two slices of bread; you only see your own portion of meat getting squeezed thinner.

Recently, it’s not like there haven’t been people constantly watching for big on-chain transfers, and for exchanges’ hot and cold wallets to move—whenever something happens, they shout “smart money is coming.” I get itchy too and open things up to take a look, but once you’re back in trading, what actually lands in your hands is mostly a probability game, not a matter of destiny. With thinner liquidity and bigger slippage, it’s basically just sending warm vibes to MEV tool operators. Anyway, I’d rather do fewer trades now than become someone else’s source of fees... For now, that’s that.