Unraveling the secrets behind a trader's meteoric rise from $6,800 to $1.5 million.
In the dynamic world of cryptocurrency trading, a trader has made headlines by successfully employing a delta-neutral market making strategy on the decentralized perpetual contracts platform, Hyperliquid, in 2025.
This approach, aimed at maintaining a portfolio insensitive to fluctuations in the price of the underlying market, allows traders to capture bid-ask spreads, maker fees, and funding rate arbitrage while minimizing exposure to price fluctuations.
How it Works
The strategy profits mainly from maker rebates on exchange platforms, such as the 0.0030% per fill on Hyperliquid. Despite the seemingly small rebate per trade, scaling to billions of dollars in trade volume yields significant earnings, especially when automated bots generate ultra-fast, high-frequency executions on colocated servers.
One key element of this strategy in high-risk crypto trading is one-sided quoting, which involves providing either bids or asks, but not both simultaneously. This creates directional micro-liquidity, reduces inventory risk, and makes the trading leaner and more efficient.
Risk management ensures drawdowns remain controlled, with continuous hedging using perpetual futures contracts to avoid spot vs. futures misalignment and eliminate reliance on forecasting price moves. The strategy harnesses the natural fluctuations and liquidity demands in crypto markets, profiting from volatility and rebate structures rather than directional bets.
The Trader's Success Story
An anonymous trader, who became a "liquidity shadow" on the Hyperliquid platform due to their spectacular success, generated over $1.5 million in profits, which was less than 4% of the total account equity. In just two weeks, they executed a volume of around $1.4 billion and generated nearly $420,000 in maker fees.
The trader's strategy was based on precise execution, tight exposure limits, and exploiting volatility rather than predicting it. They managed to turn an initial investment of $6,800 into $1.5 million without betting on price direction or using leverage.
The Future of Crypto Trading
The trader's success underscores the growing importance of technical skills, execution speed, and risk mastery in crypto trading. As the crypto trading paradigm evolves, it is moving towards a focus on engineering, automation, and risk management discipline.
New traders should take note of these developments and strive to acquire the necessary skills to navigate the complex and rapidly changing crypto markets. Access to professional trades is available in a private group, reserved for experienced traders, offering free access.
In conclusion, the delta-neutral market making approach in crypto uses automated, low-latency execution to continuously hedge directional risk and profit from liquidity provision incentives. This structured, volatility- and liquidity-focused method can achieve very high returns with tightly controlled risk, exemplified by this trader's success.
[1] Ledoux, Charles. "Mastering Delta-Neutral Market Making in Crypto." Crypto Academy, 2025.
[2] Ledoux, Charles. "Exploiting Microstructure Inefficiencies in Crypto Markets." Crypto Academy, 2025.
[3] Ledoux, Charles. "Risk Management in Delta-Neutral Market Making." Crypto Academy, 2025.
- To further enhance their trading skills, aspiring crypto traders could enroll in courses at the Crypto Academy, such as 'Mastering Delta-Neutral Market Making in Crypto,' 'Exploiting Microstructure Inefficiencies in Crypto Markets,' and 'Risk Management in Delta-Neutral Market Making.'
- Leveraging the lessons learned from the anonymous trader, who made headlines for their success in crypto finance, individuals can take advantage of technology-driven strategies like delta-neutral market making to invest in cryptocurrencies while minimizing risk and maximizing returns.
