I tried once to chase after a seemingly "steady" arbitrage on the chain, and only realized at the moment I entered the pool that the opportunity was there, but it was more like giving others a source of fees...

Slippage changed, and the tiny profit squeezed in the middle was completely eaten by the sandwich attack, and in the end, looking at the details: the gas I paid + the traded price I was squeezed out of, basically equals working for the faster guys.

To put it simply, what you see in arbitrage is the price difference, but others see your order.
Later, I got tired of watching K-line sentiment, and instead I prefer to look at TVL and real income: a sudden spike in income is probably not "ecological prosperity," but someone collecting tolls.

Recently, everyone has been explaining the flow of ETF funds, U.S. stock risk appetite, and crypto market fluctuations together, so I’ll just watch the fun...
But on-chain, the kind of "who's earning and who's losing" is usually much more straightforward than narrative.
Let's leave it at that for now.