Just saw on the chain that someone is chasing whale addresses to copy their trades again. I'll close the transaction page and cool down for two minutes… To be clear, first figure out whether they are building a position or hedging. Building a position usually doesn't happen all at once; the routing is quite “deliberate,” splitting into several parts to gradually accumulate depth; hedging is very straightforward, with spot in front and perpetuals opened in the opposite direction right after, or switching back and forth across pools within the same transaction, willing to eat more slippage for speed. If you treat hedging as the main strategy, then you're just taking the other person's hit.

Recently, new L1/L2s have started to distribute incentives to attract TVL, and veteran users complain about “mining, selling,” which I truly understand… When liquidity heats up, pool behaviors become even stranger, with a lot of bad trades. Anyway, when I see whales suddenly change routing or increase fees, I first assume they’re trying to save themselves, not that they’re signaling trades. That’s all for now.