Arbitrage duo nets $10M in 10 months via HIP-3 stock perps

This is a rare, concrete glimpse into the profitability ceiling of retail-scale arbitrage on decentralized perp venues, showing that even a lean operation can generate outsized returns when pricing lags centralized feeds. The disclosed resilience to a $1.1M glitch-induced loss highlights operational risk as a key variable, not just market risk. The real signal is the competitive shift: as institutional players like Ethena enter, the edge that enabled $32B in volume may compress, making the sustainability of such strategies the core question. Watch whether spreads narrow enough to erode the duo's model, or if new inefficiencies emerge.