Liquidity pools and lending platforms are closest to what you are asking for here (though they are very much not risk-free)
I saw a paper estimating that 6-7% IRR was possible solely from arbitrage activity (arbs bringing the pool price back into line with centralised exchanges, since the pool price can only change when a trade happens) and non-informed flow adds to this, so 10%+ sounds plausible
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One approach would be to stick eg 2 ETH and 5000 USDT into a pool, and shirt 5000 USD of ETHUSD perp futures against it to hedge ETH price risk. Then you earn the ETH futures premium (say 6-10%) plus the liquidity pool rewards (another 6-7% maybe) and your overall exposure…
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…looks like short gamma, you do well when the price is relatively stable but lose on large price moves in either direction. Not quite passive because you need to manage margin on the futures position and periodically adjust the futures hedge to avoid taking delta risk.
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