I just came across a discussion about a sandwich attack, and I can’t help but say a couple things.

When I was checking the charts in the morning, my own trade got “sandwiched” too—the interface froze. I hit refresh, and when I went back in, the slippage had already been completely eaten up. Honestly, it’s pretty frustrating. But looking at it the other way, these arbitrage bots are actually like the market’s “signal lights”—if a certain pool gets sandwiched frequently, it suggests there might really be something wrong with the liquidity depth there or the ordering mechanism.

Recently, the whole trend around restaking and shared security has also been getting a lot of attention, but I can’t shake the feeling that it’s a bit like nested boxes. The returns stack on top of each other, but at the base it’s still the same handful of fee streams—just repackaged. If you’re working with a small position size, as the old saying goes: enter in batches, and just slowly grind it out. Don’t just envy other people’s arbitrage—think first about whether you can withstand the losses from those few “refreshes.”