Lately, I've been quite tangled up when monitoring on-chain activities: You think you've caught an arbitrage opportunity, but often you're just handing a knife to others. Sandwich attacks are more straightforward—you click confirm, and by then, the opportunity has already been queued and arranged by others. What’s left might just be your slippage plus their fee. To put it simply, what ordinary people can do is not "be faster," but avoid hot pools, avoid chasing newly rising routes. It's better to execute a bit slower than to tolerate too much slippage.

There's also a feeling that recently, with the expectation of rate cuts, discussions about the dollar index rising and falling together with risk assets have increased. When emotions heat up, people get more itchy hands, and on-chain activity becomes more crowded... then sandwich/MEV opportunities become even more attractive. Anyway, I now see the phrase "risk-free arbitrage" as a joke. Forget it, I won't talk about it anymore. I’ll just tighten the limit orders and slippage settings.