Today I saw someone say "there are arbitrage opportunities on the chain" again, and my first reaction wasn't excitement, but rather thinking: is this opportunity really for me to profit from, or am I just paying fees / being the middleman for others?

Sandwich attacks, to be honest, the price difference you see might have already been targeted and queued in the mempool, and if you rush in, it just becomes someone else's profit curve.

I used to be a bit paranoid, always saying "I only look at on-chain data," believing that data wouldn't lie.
But then I saw that stablecoin regulation, reserve audits, and those rumors about "de-pegging" popping up in groups, and I realized that emotions can still make slippage and fees go through the roof…
On-chain, you can indeed see the flow, but what you can't see is a bunch of people trembling at the same time.

Now I play it a bit more cowardly: when I see so-called arbitrage, I first calculate the worst-case transaction + sandwiching costs, see if I can afford it, and then decide whether to act;
If I do, I prefer to keep it small, and not think of myself as a hunter, only to end up as prey.
Anyway, I’m this fragile-hearted, better to stay alive first.