A wallet beginning 0x6f90…336a has become the talk of Crypto Twitter after on-chain analysts showed the account exploding from US$6,800 in February 2024 to US$1.5 million in realised profit by late June 2025. The feat was first reported by Cointelegraph’s Explained desk and quickly corroborated by on-chain data trackers.
The Playbook: High-Frequency Market-Making on Hyperliquid
Unlike meme-coin moonshots or 100× perpetual-futures punts, this trader ran a delta-neutral, high-frequency market-making bot on the permissionless derivatives exchange Hyperliquid. Key attributes:
| Tactic | Detail |
| One-sided quoting | Bot posted only bids or asks, never both, minimising inventory swings. |
| Maker-rebate harvesting | Hyperliquid pays up to -0.003 % per filled maker order — roughly US$0.03 per US$1,000 of volume. |
| Colocated, low-latency infrastructure | Hundreds of order-book updates per second let the bot “sit” at the top of the book, racking up fills. |
| Volume at scale | ~US$1.4 billion in notional volume in just 14 days and > US$20 billion overall, representing >3 % of Hyperliquid’s maker flow. |
The math is simple but eye-opening:
US$1.4 B × 0.003 % rebate ≈ US$420,000 — and that’s before compounding gains or broader fee-tier discounts.
Why Maker Rebates Are the New Alpha
Maker rebates flip the usual fee model on its head: instead of paying to trade, liquidity providers earn a tiny rebate every time their resting limit order is filled. On venues like Hyperliquid, rebates are high enough to become a core profit engine — provided you can pump astronomical volume safely.
“It’s the same game high-frequency desks play on Wall Street, just ported on-chain,” notes quant researcher Michael Shahid at BeInCrypto, who tracked the wallet’s performance.
Risk Management: Low Drawdowns, High Complexity
- Delta kept < US$100 K at all times, shielding the trader from big directional moves.
- Max drawdown: just 6.48 %, unusually low for crypto’s roller-coaster markets.
- Biggest vulnerability: infrastructure outages. Lose the latency edge and the “free money” turns into adverse selection risk.
Industry Reactions
- Liquidity win: More maker flow deepens order books, reducing slippage for everyone.
- Barrier to entry: You need custom code, colocated servers and constant monitoring — not something a casual trader can replicate overnight.
- Regulatory watch: As automated strategies migrate to on-chain venues, questions arise over market-manipulation standards and KYC requirements for high-frequency bots.
What It Means for Aspiring Algo Traders
- Focus on microstructure, not macro predictions. Liquidity provision can out-perform guessing price direction.
- Automation is king. Manual click-trading can’t compete with millisecond-level quoting logic.
- Risk first, returns second. The standout stat here isn’t the 220× multiple; it’s the sub-7 % drawdown.
Bottom Line
This wallet’s 220× run underscores a bigger trend: crypto market-making and maker-rebate arbitrage are emerging as some of the most scalable, capital-efficient plays in digital-asset trading. But the same razor-thin spreads that mint overnight millionaires can bankrupt ill-prepared imitators just as quickly.
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Disclaimer: The material in this article is not financial or investment advice. Everything stated here reflects the author's personal view and should not be treated as a recommendation to trade or invest. We make no warranties regarding the accuracy, reliability or completeness of the information presented. Cryptocurrency markets are highly volatile and can move unpredictably. Before committing any funds, every investor, trader or crypto user should study several independent sources and check the regulations that apply in their own jurisdiction.