Jester's Arrow

It ignores gravity completely, so there is no arc to compensate for, and it passes through every enemy in its path rather than stopping at the first one. Line up a worm boss along its length and a single shot registers on every segment it crosses. That is why it outperforms the usual pre-hardmode arrows against the Eater of Worlds and anything else that arrives as a chain of bodies.

The arrow expires after a set amount of time rather than a set distance, which means anything that makes it fly faster also makes it fly further. An Archery Potion does that and noticeably extends how far you can reach. The Magic Quiver does not, despite also being a speed boost, because it works through a different mechanism that the range calculation never sees.

Damage bleeds off with every enemy it goes through, so against a thick crowd the back ranks barely register the hit. It is a specialist for lined-up targets and tight columns, not a replacement for your everyday arrow. Cavern gold chests hold them, which is often how a new character first gets a stack before the recipe is worth bothering with.