Recently, I’ve been seeing a bunch of “sandwich/arbitrage” screenshots on the blockchain, and everyone is talking about opportunities. Honestly, what you see is a price difference; what I see is more like others casually turning your slippage and emotions into fees. It’s not impossible to do it seriously, but first I have to ask: who exactly is the “counterparty” in this trade, is it the market, or a bunch of people queued up ahead?

These days, with extremely high funding rates, the group is arguing whether to reverse or keep squeezing the bubble. I usually don’t take sides; I first look at whether the protocol income, repurchase switches, and who is voting more actively are being discussed: lively discussions are one thing, but what ultimately lands in the protocol’s account is what really matters. Anyway, I’d rather earn a little less than become fuel for someone else’s win rate.