The Season 1 airdrop event of the Backpack trading platform has now entered its 4th week. As of the 3rd week of the event, the total trading volume of Backpack's spot and contract trading reached $4.1 billion. The 24-hour contract trading volume peaked at $950 million, with open interest reaching $113 million, both setting new historical highs.

In addition to the expectations surrounding Backpack's own platform token, large tokens like $W and $TNSR can also be "earned" through trading on Backpack. Saying "earned" might not be entirely accurate, as not only do the project teams themselves strongly encourage genuine trading activities, but many users have also made money and received potential airdrops on Backpack through their trading skills.

When the market is unfavorable for retail trading, many people turn to low-risk returns. Rhythm BlockBeats found a high-level player, CJ (@gch_enbsbxbs), whose main focus is on arbitrage. Recently, CJ created an arbitrage script for the Backpack trading platform, attempting to profit in a low-risk manner on this trading platform with token issuance expectations. Interestingly, CJ had never been involved in programming before; this script was entirely completed with the help of AI.

Rhythm BlockBeats chatted with him about his views on trading and earning tokens on the Backpack platform. CJ is not a typical "token earner"; his money-making approach to "earning tokens" can provide many new perspectives for everyone.

Non-Typical "Token Earner"

Rhythm BlockBeats: There are many "token earning" tutorials on Twitter, but projects like public chains, infrastructure, or DePIN often receive more attention. Why did you choose the Backpack trading platform as your target?

CJ: In a poor market environment, simple staking or interactive projects are easily "counter-earned." In my view, projects that "burn gas for on-chain interactions" are not good targets for "earning tokens," as they consume time, energy, and money.

After being "counter-earned," I reflected on what kind of projects I could "earn" from without being passive. One of the main factors might be whether the "earning token" project itself can allow users to make money.

This type of project is most prominent in trading platforms because earning tokens from trading platforms involves trading within the platform itself. Since it's trading, some people will profit while others will incur losses, depending on individual strategies and skills.

For trading platforms like Backpack, users can arbitrage through trading. If done well, not only do they not have to spend money, but they can also make money while interacting. Such projects are actually hard to find in the current market environment. Of course, I have other reasons for choosing this trading platform as my main interaction target, such as the strength of the project itself to create a large trading platform. Backpack has been operational for quite a long time and previously spent over $30 million to acquire FTX EU, so the reliability and potential of choosing it as an interaction target are high.

Money-Making "Token Earning"

Rhythm BlockBeats: How do you manage to "earn tokens" without spending money and still make a profit?

CJ: When interacting with airdrop opportunities on trading platforms, besides making regular buy/sell or long/short trades, there are many other methods to arbitrage that do not require testing one's trading skills. For example, copy trading, grid trading, Martingale strategies, term arbitrage, funding rate cross-exchange arbitrage, and spot DEX/CEX price difference arbitrage, etc.

Essentially, it's about arbitraging while also collecting airdrop rewards. Good projects of this type are not easy to find because large trading platforms have either already issued tokens or primarily focus on trading, which may not necessarily provide good opportunities for arbitrage and airdrops.

To arbitrage for airdrops, if done well, you can "eat multiple fish." For example, I can first hedge SOL (buying SOL while shorting it), which means I have already generated trading volume on a project like Backpack. After obtaining spot SOL, I can transfer it on-chain and, depending on my risk preference, choose to group large tokens or meme coins into LP, thus earning LP fees. If I create Jupiter's JLP, it's equivalent to interacting with Jupiter, which is "eating two fish."

The meme coins earned from forming LP still need to be sold eventually. At that point, I can sell them in a place with an airdrop, like Particle, which recently issued an airdrop. When I sell, I also generate trading volume, so this whole process can be "three fish." If I split the buying of spot SOL and shorting SOL into two different trading platforms with airdrops, that would be "four fish."

This also brings up cross-exchange arbitrage. If there are two trading platforms that will issue airdrops, using the fee rate difference between the two platforms to open long and short positions for arbitrage is also a "two fish" scenario.

The entire "token earning" process becomes similar to earning interest; however, if no leverage is used, the interest will be relatively low.

Rhythm BlockBeats: Is there a risk when using leverage?

CJ: This depends on each person's risk tolerance and practical experience. In my personal approach, around 3x leverage is relatively safe, as long as there are no significant errors in the trading platform's data. However, if there is a 5x leverage, the risk factor becomes quite high.

Letting AI Help with "Token Earning"

Rhythm BlockBeats: You don't know how to code but have created a "token earning" script using AI. Can you share your experience?

CJ: I still can't write code myself, and I can't even understand it, but AI can. I tell AI my ideas, and it implements them. It informs me of any issues encountered while writing the program, and I then share my modified thoughts with it. Through conversing with AI, the program gets written.

It sounds easy, but it feels like navigating a maze. There are many correct paths in the maze, and someone who can code can find a direct way out. I can only use AI to try one path at a time.

However, as I accumulate experience, writing similar scripts becomes like taking a well-trodden path. After feeding AI a large amount of successful code, when a new project with similar implementation goals arises, it becomes quick to execute.

When I first used the cursor, it couldn't directly help me access the APIs of various trading platforms, let alone use them directly. Even when I provided the official API documentation to AI, it would still make mistakes. So, I had to search for documents and feed them to it while correcting its errors until it became "well-fed."

One memorable instance was when I had an API call that just wouldn't go through. Later, I discovered that AI had deliberately changed the parameters from the documentation I provided. I didn't know why it changed them, so I had to scold it while insisting it correct the issue. It even tried to argue with me. Eventually, after testing, it turned out it was indeed wrong. Mistakes are fine; giving it a chance to correct and grow is what matters.

If you're interested in AI writing interaction scripts, you can refer to my guide published on GitHub and try using AI to create an automated script for Backpack to practice.

Rhythm BlockBeats: If someone still can't do it, is there a way to "earn tokens" like you do?

CJ: The purpose of using automated scripts is to capture opportunities more frequently and accurately, such as abnormal fluctuations, and to open and close positions more often. With manual operations, I might execute a trade and then leave it alone because it's hard for a person to keep watching the market. With automated scripts, even if I only open and close positions once more each day, the trading volume increases, and the airdrops I receive may also increase.

Automated scripts are meant to improve efficiency; it's not that you can't make money without them. The key is to understand the principles of arbitrage. Knowing that arbitrage is possible and that it can also bring airdrops makes using automated scripts to enhance the efficiency of arbitrage and earning airdrops a natural progression.

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