X user CBB published a detailed account of how he and his brother spent the past 10 months arbitraging price gaps between Hyperliquid’s HIP-3 stock perpetual contracts and Interactive Brokers, or IBKR. According to the post, the pair started with no background in stock trading, stitched together a hedging system by working through IBKR’s API, and even used Anthropic’s Claude to understand parts of the broker interface and hedging flow. The strategy treated IBKR quotes as the reference price and traded against discounts or premiums in HIP-3, with positions hedged on the broker side. CBB said the effort eventually produced $32 billion in trading volume, equal to 1.5% of TradeXYZ’s total volume, and roughly $10 million in net profit, with annualized returns on deployed capital of 35% to 45%. The write-up also described a major failure: a stale IBKR market data feed led the bot to build a $120 million net short position in gold futures, resulting in a $1.1 million loss after manual unwinding. The pair later tightened controls, added checks on quote freshness, upgraded risk management, and expanded into metals, oil and semiconductor-related names. CBB said the opportunity may narrow as firms including Ethena move into stock basis trading and more regulated institutions connect to the market.

Trader CBB has published a full account of a 10-month arbitrage strategy he ran with his brother across Hyperliquid’s HIP-3 markets and Interactive Brokers (IBKR), describing how the pair went from having almost no traditional finance experience to trading a combined $32 billion in volume and making about $10 million in profit. The strategy began after HIP-3 launched on Hyperliquid in October 2025 and Unit/TradeXYZ rolled out its first stock perpetual market three days later. CBB said the pair used IBKR quotes as the reference price and built bots to capture discrepancies between stock perpetuals on Hyperliquid and corresponding positions in traditional markets. The write-up includes detailed operational milestones and failures. In November 2025, the strategy generated roughly $850 million in volume and more than $500,000 in profit. In January 2026, as gold and silver markets surged, monthly volume rose to about $1.7 billion and funding income alone exceeded $600,000. That same month, however, stale IBKR interface data caused the bot to repeatedly add short gold futures positions to offset a mismatch that did not exist, leaving the account net short $120 million in gold futures. CBB said he manually closed the position after landing in Dubai, locking in a $1.1 million loss. After adding new risk controls, the pair resumed trading and, according to CBB, recovered roughly $600,000 the next day when silver pulled back and a spread of about 3% opened between Hyperliquid and IBKR. By early September 2026, he said institutional participation had increased and Ethena had announced plans to enter stock basis trading, suggesting the opportunity may be nearing its end.

TradingBeats said on Sept. 1 that a sub-account linked to trader "CBB" had been accumulating HYPE spot since 00:45, buying 125,492.4 tokens for about $10.5506 million at a weighted average price of $84.073. At nearly the same time, the same account opened a 10x cross-margin short in HYPE perpetuals for 125,458.02 tokens, with a position size of about $10.5524 million and an average entry price of $84.111. The near match in size and notional value between the two legs points to an almost 1:1 spot-perpetual hedge. TradingBeats also said the account is using portfolio margin and borrowed USDC to improve capital efficiency. HYPE funding remains positive, meaning longs are paying shorts, and the account has received about $1,818.6 in funding from the perpetual short today. The monitored wallet was identified as the sub-account named "2 HYPE DN" under the main account 0x49e96e255ba418d08e66c35b588e2f2f3766e1d0.

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