I used to get itchy when I watched large on-chain swaps, thinking "Isn't this just arbitrage to make money?"

Later, after being educated a few times by the sandwich attack, I understood: the opportunity you see is often just the fee others pay for you to take a bite.
Now, before placing an order, I always ask myself—who is this trade providing profit to?
If the slippage is large and liquidity is thin, it's basically voluntary fuel consumption.

These days, the funding rates are again extremely high, and people in the group are arguing whether it's a reversal or just more bubble squeezing.
I don't guess either way; if the trend is there, I follow it, and I’ll exit if a stop-loss is triggered.
It's okay if I don't make that profit segment; at least I won't be eating all the fees with others.