Recently, I've been exploring the Ethereal 27% APY strategy and found that it really tests your strategic thinking.

Splitting multiple accounts for hedging sounds like the most profitable approach, but passing the anti-witch detection is a tough hurdle. Some friends go straight for the hard way—pseudo-hedging by shorting ETH with multiple BTCs, which can maximize APY, and also bypass the anti-witch measures. The only cost is that the principal is actually exposed.

Many community members later came up with a workaround: open a hedging portfolio for both BTC and ETH in Ethereal, then reverse the process on Backpack with another set of BTC and ETH hedges. The benefits are obvious—significantly reducing the risk of pseudo-hedge liquidation, and earning points on Backpack, which might lead to airdrops in two or three months.

The compromise with this approach is that operating across multiple exchanges means you can't fully capitalize on the 27% APY of the total funds. But from another perspective, using part of the gains to bet on the airdrop potential of a well-known CEX platform token isn't necessarily a loss in probability. Moreover, exchanges like Backpack that don't have their own platform tokens still hold some imagination space.

So, choosing which plan depends on your understanding of risk and reward. The above is just information sharing and does not constitute any investment advice. Please do thorough research before taking action.