Market Analysis & Risk Assessment - Arbitrage opportunities arise from mechanism vulnerabilities, but are inherently risky, often leading to losses for early participants and gains for later ones [1] - High-yield arbitrage in 2025 carries significant risk [1] - Bybit's lack of limit orders in contracts can lead to 400% premiums, but implementing limit orders is not a guaranteed solution, as manipulation can still occur [1] - All mechanisms are susceptible to manipulation; imperfect mechanisms create opportunities [1] - Manipulators are not infallible and can also incur losses; participants can choose to avoid or align with manipulators [1] Case Studies & Examples - Recent liquidations on Bybit involving tokens like $SERAPH, $RFC, and $GROK resulted in over $10 million in customer losses [1] - OKEx's FIL futures in 2020 and STAR in 2023 experienced manipulation where limit orders prevented stop-loss execution [1] Investor Behavior & Platform Responsibility - Individuals should not blame platforms for losses incurred during arbitrage attempts if the platform mechanisms have vulnerabilities [1] - The article is a good analysis of the recent Bybit liquidations [1]