Recently browsing on-chain transactions, I saw someone say that “sandwich trading is also an arbitrage opportunity,” and I started to hesitate… To be blunt, you think you’re picking up money, but most of the time you’re just sending other people their fees plus slippage. Just now, I used 8 USDT to try a small pool—*from placing the order to it being filled*, it took only about ten-odd seconds. When it finished, it felt like I got “pinched.” I didn’t see any profit, but the “trip” fee was pretty aggressively paid.

Anyway, what I care about more now is whether this order is actually capturing a price difference—or whether I’m just acting as fuel for someone faster. The NFT royalty drama is also quite similar: creators want income, the market wants liquidity, and in the end, the middle layer that matches/orders and routes trades turns out to be the most stable… Sigh, pay the tuition first—whether the shell is hard or not, you won’t know until you knock on it a couple of times.