A small crypto trader transformed $6,800 into $1.5 million in just two weeks using a sophisticated strategy that focused on high-frequency, delta-neutral trading. Instead of relying on memecoins or speculative bets, the trader became a dominant liquidity source on a decentralized perpetuals exchange, Hyperliquid, where they executed a unique market-making approach without extensive capital at risk. Their strategy involved only making one-sided quotes, effectively managing exposure limits, and leveraging maker fee rebates. The trader achieved substantial trading volume of $1.4 billion and maintained strict risk management, with net exposure kept under $100,000. The strategy generated a remarkable 220x return, primarily through rebate-driven arbitrage, automated trading, and exploiting market inefficiencies without predicting price movements. However, the execution relied heavily on advanced infrastructure and poses significant risks, including infrastructure dependencies and market shifts. This case illustrates an emerging trend toward engineered liquidity provision in crypto trading as traditional methods evolve.

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