How a Hyperliquid trader turned $6,800 into $1.5 million

A trader on the Hyperliquid platform silently turned a 6,800 USD account into more than 1.5 million USD in profit — all without needing to bet in the direction of the market or chase after strong price fluctuations.

According to wallet data from the address 0x6f90…336a, this trader started with just two deposits at the beginning of February 2024.

Another legendary trader on Hyperliquid

The decentralized derivatives exchange Hyperliquid has been continuously garnering attention in Q2 due to a series of "viral" trades by James Wynn — a Bitcoin "whale" who quickly became an icon in the cryptocurrency community. However, in the end, Wynn incurred a loss of 100 million USD.

Meanwhile, another trader has quietly emerged. Over the past few months, the wallet 0x6f90…336a has recorded a total trading volume of over 20.6 billion USD, with profits being gradually withdrawn over time.

Trader's portfolio data | Source: X/Adverse SelecteeThis trader's strategy is to place market-making orders (market-making), allowing them to receive a small rebate from the platform, instead of trying to guess the price direction.

"The Silent Giant": accounting for 3% of trading volume on Hyperliquid

On decentralized exchanges like Hyperliquid, liquidity providers through market-making orders will receive a small refund — called a maker rebate. Meanwhile, taker orders ( match immediately) must pay a fee.

Currently, the maker rebate on Hyperliquid is –0.0030%, meaning traders are paid 3 cents for every 1,000 USD in provided volume. Although small, this amount will increase significantly if there is sufficient scale.

Although using less than 200,000 USD in capital, this trader is said to account for more than 3% of the total maker volume on the platform. They usually quote a one-sided market price — buying or selling — to limit directional price risk, and always maintain a net exposure below 100,000 USD.

Small capital, high frequency

In 14 days, traders generated a trading volume of 1.4 billion USD — rotating capital hundreds of times each day. The maximum loss of only 6.48% indicates that this is a system with very limited risk.

The most impressive thing is the scale of profit: over 1.5 million USD from accounts under 200,000 USD, mainly thanks to rebates, which is rare in the decentralized finance sector.

Trader's Profit and Loss | Source: HypurrScanThis performance indicates that the trader is using a low-latency automated trading system operated by a bot that reacts quickly to market fluctuations and cancels outdated orders.

This strategy requires extremely fast, stable, and finely tuned infrastructure to avoid risks when the market fluctuates sharply.

However, it is important to note that this strategy is not easy to replicate, as it requires high technical skills, real-time infrastructure, and a deep understanding of the mechanisms of the exchange.

Mr. Teacher