币界网报道：A trader on Hyperliquid, a decentralized perpetual exchange, has reportedly earned millions by employing a sophisticated "maker" strategy that capitalizes on the platform's unique fee structure. According to on-chain data, the trader, whose identity remains unknown, has generated substantial profits by consistently placing limit orders that provide liquidity to the market, thereby earning rebates instead of paying fees. Hyperliquid's fee model rewards makers with rebates of up to 0.005% per trade, while takers are charged a fee of 0.02%. This incentive structure has allowed the trader to accumulate significant earnings, estimated in the millions, by strategically placing and canceling orders to maximize rebates. The trader's success highlights the potential profitability of market-making strategies in decentralized finance (DeFi) environments, particularly on platforms like Hyperliquid that offer favorable fee arrangements for liquidity providers. The exchange, which operates on a layer-2 blockchain, has gained attention for its low latency and high throughput, making it an attractive venue for professional traders. This case underscores the growing sophistication of DeFi participants and the opportunities available for those who can effectively navigate the nuances of decentralized trading platforms.