Arbitraging $10M in 10 Months: A Deep Dive into the Hyperliquid HIP-3 Cross-Market Strategy

Mon, 07 Sep 2026 00:00:00 +0800

TL;DR A two-person arbitrage team built a Delta arbitrage bot between Hyperliquid’s HIP-3 stock perpetual markets and the traditional brokerage IBKR. Over 10 months, it processed roughly $32 billion in trading volume and earned about $10 million in profit, with an annualized return on capital of 35%-45%. The original piece was written by Twitter user CBB (@Cbb0fe), compiled into Chinese by Odaily (translator: Azuma), and published on September 3, 2026. The image-text notes circulating on X

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Arbitraging $10M in 10 Months: A Deep Dive into the Hyperliquid HIP-3 Cross-Market Strategy