Recently, watching on-chain order matching has been a bit frustrating...

Many people say "Wow, arbitrage," but what I see more often is: you think you're picking up money, but you're actually working for sandwich attacks and routing fees.
Especially after liquidity fragmentation, when the path gets longer, the slippage plus fees stack up, making the profit as thin as paper, and if someone cuts in front, it's gone in an instant.
Last night, I kept refreshing and retrying, but the transaction kept queuing, and in the end, it was executed but the net amount I received was like it was snatched away, feeling pretty speechless.

By the way, the NFT royalty mudslinging also looks quite similar: creators want continuous income, which is fine, but adding "taxes" in the secondary market worsens liquidity, and the price gap looks more tempting, but what you actually get might still be that middle "fee structure."
Now I do small experiments by default: first calculate who I am paying the fees to, otherwise the opportunity looks bright, but in reality, it's just someone else harvesting the gains.