Is it possible to connect the iPad Wi-Fi to Internet using iPhone as a Hotspot?

I understand that iPad Wi-Fi don't support Cellular network. But I see that an iPhone can act as a Hotspot. So is it possible to use the iPhone as a hotspot and then connect the iPad to the internet using Bluetooth or Wi-Fi?

Anyone tried this?

Yes.
Did this with my android phone and a galaxy tab.

just set up the hotspot, then connect with iPad.

I don't think so, not unless you're jailbroken.

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