Recently, people keep saying "Seeing large on-chain transfers is an opportunity," and I always react a bit late: I open it up, but don’t get excited yet, first calculate the costs... Frankly, many times what you're chasing isn't arbitrage, but paying three times the fees to others. Sandwich attacks are even more outrageous; you think you're getting a slippage discount, but in reality, two front and back trades are trapping you, treating you as a liquidity withdrawal machine. Arbitrage looks at the price difference, but whether it works out depends on: Gas, slippage, routing through several hops, whether you're being sandwiched, and the hidden costs of withdrawal/bridging on exchanges. Anyway, now when I see "smart money" moving, my first reaction isn’t to follow, but to grab a calculator: can I survive within the costs for this trade?