On-chain records are so repetitive they make your eyes dry; in a certain pool, a swap is sandwiched between two other transactions, and the familiar "sandwich" smell is in the air. It looks like an opportunity jumping on the screen, but more often it's just someone already taking the gas fees, and you're just helping them cover the transaction costs... To put it plainly, what you can see isn't necessarily what you get to eat.

Arbitrage is the same; tutorials make it sound easy, but once you get hands-on, you realize it's a race of speed, gas, and mindset. Falling behind even a little turns you into "sending warmth." Recently, everyone’s been talking about rate cut expectations, the dollar index, and risk assets moving together—rising and falling in unison. The more these situations occur, the more tempting it is to get itchy. Anyway, I stick to my usual rule: wait for one confirmation candle. Better to miss out than get caught in the middle and turn into lunch meat.