The core of arbitrage lies in being the first to act; whoever discovers it first wins. Currently, the main battleground for arbitrage in the market revolves around fee rates, and even exchanges have released built-in arbitrage bots, which has become excessively competitive.

Aside from fees, most other arbitrage methods have very small capital capacity, such as the USDT cross-chain I mentioned yesterday, or cake-vecake; after a few plays, the capacity is gone.

In the past, there were instances where Bitcoin quarterly contracts had a 20-point premium, earning steadily with large capacity; such opportunities hardly exist now.

Arbitrage is not just about fees; there are many ways to play. Today's arbitrage resembles the “haircut” trend of 2023, where many so-called arbitrage bloggers suddenly appeared overnight after AI equalization, mindlessly posting fee rates while actually selling shovels.

For newcomers looking to enter the arbitrage space, I suggest directly giving up on the fee-based method, observing more, and finding better opportunities.