“Liquidity Spectre”: Crypto trader turns $6,800 into $1.5 million

INFBusiness
03.09.2025
News

In just two weeks, an unknown crypto trader reportedly turned $6,800 into $1.5 million, increasing his capital more than two hundredfold.
Instead, the crypto connoisseur has developed a sophisticated market-making strategy that capitalizes particularly on discounts on maker fees.
Takers (investors who access existing offers from the order book) pay a fee. Makers (traders who place a limit order in the book that is then filled) receive a negative fee, thus earning money.
While these only amount to around 0.003 percent per fill, or roughly $0.03 per $1,000 traded, he was able to quickly scale these returns with the help of automated bots and latency-optimized infrastructure.
The strategy also kept the net delta exposure – i.e. its vulnerability to negative price movements – below $100,000 at all times, thus avoiding major blowups.
It has quietly become a significant source of liquidity on Hyperliquid, the largest perpetual futures platform, for which Arthur Hayes recently predicted a 126-fold increase.
In contrast to traditionally symmetric market making, he placed either buy or sell orders—never both at the same time. On platforms like Hypurrscan.io, he was subsequently dubbed the “liquidity ghost.”
Over a period of two weeks, the trader moved a volume of approximately $1.4 billion. This is only possible with latency-optimized execution: bots that run on collocated servers and are tightly synchronized with the exchange's order books.
The strategy is therefore not easily replicable for the average private investor. Furthermore, there are doubts about the reported returns. Furthermore, the model is not entirely without risks. After all, bots can crash, exchanges fail, and other technical disruptions can bring the entire system to a standstill.

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