A relatively unknown crypto trader has astonished the trading world by transforming $6,800 into a staggering $1.5 million in just two weeks. The feat was achieved by deploying a high-frequency, one-sided quoting strategy on a major cryptocurrency exchange — a move that not only defied conventional trading wisdom but also saw the trader dominate over 3% of the platform’s total maker-side liquidity.
An Unusual Path to Trading Success
The trader, highlighted by market analyst Adverse Selectee, held less than $200,000 in account equity as of Thursday. Despite the modest size, the account recorded a remarkable $1.4 billion in trading volume within 14 days, consistently ranking among the highest contributors to the exchange’s maker volume.
Source: @Versace_Trader
What sets this trader apart is their distinctive approach: quoting only one side of the order book at a time — either bids or asks — instead of balancing both. This strategy is highly susceptible to adverse selection, where better-informed traders can exploit static or one-sided quotes. Nevertheless, the trader managed to maintain consistent profits with a maximum drawdown of only 6.48%, suggesting disciplined risk control.
High Praise from the Crypto Community
Crypto Twitter (now X) has taken notice, with numerous experienced traders praising the method. One such user, Versace_Trader, commented, “This is pretty amazing to watch,” while pointing out that the account’s net delta exposure rarely exceeds $100,000 — a signal of prudent risk management and possibly a market-neutral stance.
The trader’s ability to avoid large directional bets while still capturing gains through liquidity provision highlights a rare mastery of exchange mechanics and microstructure.
Maker Rebates Fuel the Strategy
A significant source of income for the account appears to be maker rebates. These are incentives offered by exchanges to traders who provide liquidity. With a maker fee of -0.0030%, the trader essentially earns money by placing orders that get filled, even before considering price movements. Combined with high-frequency execution and strategic quoting, this setup enables the trader to profit from sheer volume and order book activity.
Notably, all trading is focused on perpetual futures contracts, with no indication of involvement in spot trading or crypto staking. This indicates a reliance on short-term price fluctuations and liquidity-based profits rather than long-term holdings or yield farming.
Positions Point to a Calculated Risk Approach
As of the most recent data, the trader is holding a $175,000 long position in Solana (SOL/USDT) perpetual futures and a $20,000 short position in Dogecoin (DOGE/USDT). These modest positions further illustrate the trader’s preference for tight risk control, despite the staggering turnover.
Crypto trader dashboard. Source: hypurrscan.io
There are signs that the trader may be using colocated servers or latency-optimised infrastructure — a common practice among professional high-frequency trading (HFT) firms — to maintain an edge over competitors on the exchange.
A Glimpse into the Future of Retail Trading?
The incredible success of this lone trader has sparked conversations across the crypto community about the evolving nature of retail participation. With tools and strategies once reserved for institutions becoming more accessible, individual traders are now finding ways to compete — and occasionally outperform — in highly competitive markets.
Whether this feat can be replicated or sustained over time remains to be seen. However, it undoubtedly showcases how innovative thinking and technical skill can disrupt traditional trading paradigms.
