Recently, people keep asking me whether on-chain arbitrage is “easy money.” I usually start by asking back: Are you sure you’re not just working for someone else? The tiny price differences you see are often already being watched by sandwich and MEV bots. The moment you press confirm, slippage, gas, and then getting “sandwiched” once—turn the opportunity into someone else’s fee. With expectations of interest rate cuts on the macro side, the US Dollar Index and risk assets start acting up again too, with even wilder volatility, making the bots even happier... These days, I’d rather focus on the swap interaction path and the depth of the pools. I’d prefer to move more slowly and not end up as a “liquidity ATM.” What I fear most isn’t losing money—it’s thinking I understand it, only to realize I’m just being harvested more smoothly. Anyway, be cautious. For now, that’s it.