Every time I see someone getting excited and saying, “I found a sandwich arbitrage opportunity,” I feel a bit speechless.

Put simply, this kind of arbitrage is essentially running ahead of someone else’s trades. The “opportunities” you can see are often the meat in someone else’s pot that hasn’t finished cooking yet. Retail traders think it’s an arbitrage window, but once it hits the chain, it all turns into fees—paid out to the nodes and bots. The more extreme the emotions get, the more this “opportunity” starts to look like bait.

Recently, veteran players have been shouting that people shouldn’t take the last baton in Memes. The reasoning is the same. When attention rotates to the extreme, crowds move like fluid toward one direction. If you keep tinkering over that tiny spread, you’d be better off sitting down and figuring out who the real drain outlet is.

Anyway, my own habit is this: when arbitrage strategies get too hot, I pause first. The first rule of the emotional fluid theory—don’t look for a way out in the most crowded place. Just saying it offhand, not advice.