In the era of multi-chain, arbitrage opportunities are everywhere, but the number of people truly making money is few. This is not sensationalism, but a harsh reality.

One night in December last year, I was watching the market chart when I noticed a nearly 2% price difference between ETH on Base and a certain emerging Layer3. For those who frequently do millisecond arbitrage, it was like finding an oasis in the desert. I didn’t think twice, invested 50 ETH directly, precisely calculated the slippage, and pressed confirm.

Three minutes later, my dream was shattered.

The profit on paper looked like 1 ETH. But in reality? Cross-chain contract call fees on the source chain, queuing tips on the target chain, middleware verification costs—these things snowballed and grew larger. By the time I sold on the target chain, the total Gas consumption had already soared to 1.1 ETH. A seemingly profitable trade ended up losing 0.1 ETH.

This lesson made me realize one thing: since 2025, the emergence of modular blockchains and hundreds of Layer3s has completely changed the game of cross-chain trading. Cross-chain is no longer just simple A to B; it’s a multi-dimensional cost contest. The apparent price difference tempts you to enter, but the hidden fee structure is the real killer. Many people see the market but don’t notice the bill. That’s why most people lose money in cross-chain arbitrage.