A two-person team made over $10 million in 10 months arbitraging between Hyperliquid and IBKR! On-chain arbitrage team @Cbb0fe shared in a post that over the past 10 months, their two-person team conducted Delta-Neutral arbitrage on U.S. stocks and commodity contracts between Hyperliquid's HIP-3/TradeXYZ and traditional broker Interactive Brokers (IBKR). They completed approximately $32 billion in trading volume, accounting for about 1.5% of TradeXYZ's total platform volume, with net profits exceeding $10 million. The annualized return on invested capital was around 35% to 45%. The arbitrage strategy mainly involved capturing price differences between Hyperliquid and IBKR and establishing opposing positions in the two markets to hedge risks. During this period, they once accidentally built a $120 million gold short position due to delayed IBKR market data, resulting in a loss of about $1.1 million. With institutions like Wintermute, Ethena, and more participants entering the space, the profit margins for this strategy are rapidly shrinking.