Lately, looking at on-chain data, so-called "arbitrage opportunities" sometimes really seem like watching others collect fees from you... You think you're the meat inside a sandwich cookie, but in reality, you're the layer of jam. Like a sandwich, the moment you enter, someone is already watching you, and before you even react, slippage has eaten all your profits. Honestly, many times it's not that you profit from the price difference, but that you're providing others with a guaranteed return.

My current approach is pretty simple: when I see a good APR, I first break down where the cash flow is coming from. Is the subsidy about to end? Then I check if the trading path looks too "sweet"—if it looks abnormally attractive, there's usually a queue of people waiting for your signature. Recently, hardware wallets have been out of stock, and phishing links are everywhere. People’s security awareness has improved, but don’t just focus on the wallet; signing transactions is the most critical moment.

After lowering my expectations, I feel more relaxed: if I can earn a reasonable spread, I take it; if not, I let it go. Less paying others’ fees, and that’s also a way to make a profit.