😂I never thought of such an arbitrage model; it turns out that limiting thinking restricted the trading model. I never imagined that arbitrage could be achieved through contracts and spot trading on different exchanges. It has opened up the ceiling of imagination.

There are many images with small text, so I can't see them clearly, so I asked AI to help organize and post them for easier reading by friends.

The author claimed to have earned over 600,000 USD in more than a month by utilizing the price differences, funding rate differences, and trading rule differences between SK Hynix in the Korean spot market, Binance, OKX, Hyperliquid, and leveraged ETFs in Hong Kong.

Five main trades were made:

The price difference for the SK Hynix contract between Binance and Hyperliquid is about 30 USD.

Buying on the cheaper platform and shorting the expensive platform, first testing with 1,000 shares, earning about 15,000 USD after the price difference converged.

Buying Korean SK Hynix spot and shorting the Binance contract.

Since Binance users cannot directly purchase Korean stocks, a large amount of capital chasing contracts caused Binance contracts to be more than 40 USD higher than the Korean spot. The author bought Korean stocks through IB while shorting Binance, earning about 120,000 USD.

Transferring shorts from Binance to OKX.

The author studied the mark prices and funding rate rules of Binance, OKX, and Hyperliquid, believing that OKX's short funding rate income was higher, so he moved the position to OKX. This phase earned about 170,000 USD in total, with about 70,000 USD allegedly coming from platform rule differences.

When the market crashed, shorting Binance and going long on Hyperliquid.

After SK Hynix plummeted, the Binance contract was hit much lower by retail investors than on other platforms. The author heavily bet that prices across different platforms would eventually converge, holding a position size close to 1,000,000 USD. A few hours later, when the price difference returned, he earned about 150,000 USD.

Buying the 2x ETF of SK Hynix on the Hong Kong stock market while shorting the Binance contract.

When the Korean market was closed and the Hong Kong market was open, there was a significant mispricing in the 2x SK Hynix ETF. The author bought the ETF and shorted Binance, but the hedge ratio was not calculated completely, leaving about 20% of a naked long position. Later, when the market rebounded, the naked long part also made a profit, totaling over 200,000 USD.

At the end of the article, it mentioned that the biggest mistake was borrowing Korean won through IB to buy Korean stocks without hedging the exchange rate. Later, when the won appreciated, he paid about 60,000 USD more when closing positions and repaying the borrowed won.

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