Recently monitoring on-chain transactions, the more I look, the more I think the words "sandwich" and arbitrage are a bit romanticized... You think you've caught an opportunity, but often you're just paying more hidden fees for others. Especially in those moments when a large order suddenly rushes in and slippage worsens unexpectedly—basically, someone has sniffed out the signal early, trapping you in the middle to roast you, and you end up comforting yourself with "market volatility is normal." But don’t blame everything on the robots; I’ve looked at a few paths and packing sequences, and the evidence chain basically shows: if you're in a hurry, using market orders, and your tolerance is too high, they’ll dare to strike. By the way, today I also saw discussions about rate cut expectations and the dollar index—when risk assets start acting up, on-chain activity feels more like a vegetable market, with more people rushing ahead... Anyway, I now place orders half a beat late, preferring to earn less than to become someone else’s breakfast money.