Recently, when I look at those “sure-profit” arbitrage screenshots on-chain, my first reaction isn’t opportunity—it’s: how much of this is actually someone else’s fees… Sandwiching is even more straightforward. You think you’ve caught the volatility, but in reality you’re being squeezed in the middle and used as a liquidity ATM. To put it plainly, if ordinary people really want to play, first check slippage, pool depth, and what position your transaction takes in the block—don’t just stare at the price spread.

Airdrop season is the same. As task platforms tighten their anti-bot/anti-witch measures, the points system turns those “hairy-profit/fee-scraping” arbitrage people into something like office workers who clock in and compete every day. In the end, on-chain congestion + gas fees rising just swallow up that “corner-plot arbitrage.” Anyway, I’d rather make fewer moves now, keep the collateralization ratio thicker, and if I can avoid it, don’t chase. Once the liquidation threshold is reached, no one can save you. There are opportunities, but more often it feels like picking up money—and like paying tuition.