Hyperliquid on Lynx Tech Blog

My Quant Platform Was Throwing Away 92% of the Trades — and Believed It Saw Everything

Sun, 13 Sep 2026 12:56:00 +0800

TL;DR While adding a data source to AlphaTrace, I ran a routine check against live data and found something I had never once doubted: the platform silently discards 92% of spot trades the moment it reads them off-chain — and says nothing. This post is about that self-correction, and about the second mistake I nearly made. It started with someone else’s article A few days ago I read a write-up: two people ran a cross-market arbitrage between Hyperliquid’s equity perpetuals and the tra

39 Trades, 10 Hypotheses — and the Top-Matching Strategy Rests on Just 3 Data Points

Tue, 08 Sep 2026 00:00:00 +0800

TL;DR I fed 39 on-chain trades into 10 competing strategy hypotheses on AlphaTrace, the quant analysis platform I built myself, hoping to find “what method these trades are most likely following.” The top-ranked strategy ended up resting on just 3 valid data points, and its explanatory power was the lowest of all ten hypotheses — it took the crown purely because it’s the simplest. That’s not a bug. This is what an honest quant analysis is supposed to look like: the explan

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

I Ran the Retail-Trader Hunt on the Data: Zero Survivors, but a Real Edge Exists — It Just Lives in the Machines

Sun, 06 Sep 2026 10:00:00 +0800

My previous post ended with “didn’t find that retail trader, probably never will.” This one is what happened when I actually ran the data: zero survivors. But the sentence more valuable than “didn’t find one” is this — the data does contain a statistically-significant trading edge, but it lives entirely in multi-coin systematic strategies, and not a single one of them is “a human making directional calls on a few instruments.” Real edge exists, ju

I Went Looking for a Retail Perpetual Futures Trader to Copy — Didn't Find One, and Probably Never Will

Sun, 06 Sep 2026 09:00:00 +0800

Let me start with the conclusion — also the most valuable sentence in this entire post: I looked, and I didn’t find one. Under the combined constraint of “public + independently verifiable + over 2 years + retail + perpetual futures + net profitable after funding,” not a single trader survived verification. All five candidates were rejected, zero survivors. But more important than “didn’t find one” is the second sentence: this question, under the bar I set, m