A 100% win rate doesn’t mean this person can read direction—it’s market-making.

On Hyperliquid, address 0x24375293c5f2b61815730452e8709dc194631870 closed out 1,677 trades over the last 17 days, and all 1,677 were profitable—none were losing. Sounds like a miracle, but when you take it apart, it’s a different story.

1677 trades made a total of $1.34 million, averaging $799 per trade. In the same period, the total trading volume was $191 million; the nominal size per trade was $114,000—meaning each trade only captured an under-0.7% spread. This isn’t a directional-trading profit structure; it’s a profit structure based on posting orders to capture the spread. Directional trades can’t be wrong-free for over 1,000 trades in a row, but spread-capture orders can.

There are only two main types of assets handled: $ETH and $XRP. These two pools have the best depth, the tightest spreads, and the highest trading frequency. In 17 days there were 1,677 trades—nearly a hundred per day on average. The pace is very steady.

A few details are worth checking:

The trading fees totaled $293,000, accounting for only 2.2% of the profit. High-frequency trading fears fees eating up profits the most. This ratio suggests it has access to a decent fee tier, and most of the activity should be on the maker (resting order) side.

There were zero liquidation records. At the account level, total turnover was $158 million. The largest single trade was $10.18 million. It dares to post large orders, but none of them have ever been broken through.

Window ROI is 81.2%.

The value of this kind of address isn’t in copy-trading—you can’t keep up with its reaction speed and fee setup. What it really tells you is this: the current order books for ETH and XRP are thick enough to support market making at this scale. If the order book is thin, this strategy gets canceled first. So it’s far more useful to monitor when it reduces trading frequency and when it switches instruments than to focus on whether it’s going long or short.

By the way, $BTC scarcely shows up in the trades from this address. Specializing in only two instruments is also one of the reasons it can sustain this win rate.

Do you think an address with a 100% win rate is worth following? Or is this kind of money simply not related to retail traders in the first place?

#Hyperliquid #聪明钱 #on-chain data

View in real time: https://www.coinboss.com/zh/hyperliquid-whale/0x24375293c5f2b61815730452e8709dc194631870