📢 The Top Traders Monthly Report - September '24 is out now! 🚀
Featuring curated, consistently profitable traders from the Binance and Hyperliquid Leaderboards.
We'll reveal key stats and insights that distinguish top traders in this competitive arena.
Let's explore the trading elites! 💪
1️⃣ Top 3 Traders by PnL ($) - Overview
September 2024 highlights its top three traders as follows:
🏆 Cryptoproyo (Binance)
🥈 RTB2 (Hyperliquid)
🥉 HummusXBT (Binance)
Despite a rocky start, September turned out to be a strong month for the crypto markets, with $BTC closing at $63.3k, marking a 7.4% gain.
The top three traders for the month saw profits ranging from $280k to $1M. Two new entries are Cryptoproyo from Binance and RTB2 from Hyperliquid, while HummusXBT, also from Binance, is a familiar name, having been featured in previous reports. HummusXBT is well-known for his trading challenges, one of which is currently underway.
2️⃣ Trader Spotlight: Cryptoproyo
In September, Cryptoproyo maintained a predominantly long exposure with an average notional value of $2M. As illustrated in the image below, the bulk of profits (~$990k) were secured when these long positions were closed around September 20th.
The profits were generated from three long positions in $SAGA, $SUI, and $IO, all opened in the second half of August and closed on September 20th.
These trades yielded realized gains of $410k, $400k, and $180k, respectively. The only realized loss for the month came from a position in $LISTA, amounting to just -$2.3k.
3️⃣ Trader Spotlight: RTB2
RTB2 maintained a long-only exposure throughout September, realizing the majority of his gains during the last 10 days of the month. His notional exposure increased significantly, rising from $1M to a peak of $4M by September 25th.
His focus was primarily on medium-cap projects, with the bulk of his profits ($400k) coming from positions in $SEI and $NEAR.
The figure below shows the Total PnL ($) by symbol traded.
4️⃣ Trader Spotlight: HummusXBT
HummusXBT employs a distinctly different approach compared to the other traders. As seen below, his strategy during September was centered around maintaining a hedged portfolio, at least from the first week through the end of the month.
His trading universe is broad and diverse, ranging from major tokens like $ETH to trending meme coins such as $NEIRO and $HMSTR. The image below highlights that between September 10th and September 27th, his primary long positions were in $SUI and $FTM, while the short side was focused on $SOL and $AVAX.
HummusXBT’s view on the market’s strongest and weakest tokens proved successful. Over the month, he secured $350k in gains from $SUI and $FTM long, while limiting losses on $SOL and $AVAX shorts to just $74k.
5️⃣ Case Studies
HummusXBT - From thesis to execution: the $SUI/$SOL pair trade
HummusXBT’s pair trade on $SUI and $SOL demonstrates that pair trading can be profitable even when both assets move in the same direction, while still reducing portfolio volatility. In this instance, HummusXBT's thesis was likely that $SUI would outperform $SOL in the upcoming weeks, leading him to take a long position on $SUI and a short position on $SOL.
Eventually, his thesis proved accurate, as during the period the pair trade was open, $SUI gained nearly +83%, significantly outperforming $SOL’s +17% gain.
The two images illustrate that the trades on the long and short legs largely mirror each other, with the key difference being the notional allocation—$400k on the $SUI long versus $250k on the $SOL short. This difference in allocation may reflect a strategy to maintain some long directional bias. Both positions were established between September 9th and 14th, gradually reduced around September 18th to realize some combined profit, and fully closed on September 27th.
The total realized net profit from this pair trade was +$181k on a net exposure of approximately +$150k. Given the total realized profit for the month was $280k, this single trade accounted for around 65% of the overall monthly profit.
6️⃣ Conclusion
The top three traders in September posted profits ranging from $280k to $1.0M. Among them, HummusXBT, despite having the lowest profit, stood out in terms of portfolio and risk management.
His strategy focused on using hedged positions to capitalize on the relative strength of different assets, such as $SUI and $SOL. In his $SUI/$SOL pair trade, even though both assets eventually rose, the trade remained profitable as $SUI outperformed $SOL, earning HummusXBT a $180k profit. Pair trading also helped reduce overall portfolio volatility, highlighting its effectiveness in risk management.
Stay connected for more insights in the upcoming month's edition.
Follow our highlight traders on Twitter:
Cryptoproyo: please if you know, let us know his twitter handle
RTB2: please if you know, let us know his twitter handle
HummusXBT: https://x.com/hummusXBT
Data analysis provided by @0xfab_eth. Drop him a follow!
BETA ACCESS: https://portal.mirrorly.xyz/beta-application?referralCode=0xfab
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