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.