Volcano Hellion enters the battlefield, triggering itself, targeting any creature.
In response, cast Arcbond by paying ({2} magic symbol) ({R} magic symbol) , targeting the same creature and creating a delayed triggered ability.
Resolve Volcano Hellion's trigger, dealing an arbitrarily large amount of damage to the targeted creature and to you, reducing your life total to 1 due to Sustaining Spirit.
Arcbond's delayed triggered ability triggers, dealing an equal amount of damage to all other creatures and all players, which again does not reduce your life total below 1.