Over the past few years, requests for dynamic and personalized web pages have increasingly dominated current-day WWW traffic. Unfortunately, delivery of dynamic pages is expensive. In this paper, based on our proposed automatic shared fragments detection technique, we propose a novel fragment-based delta encoding scheme for efficient delivery of dynamic web pages. The unique feature of our scheme is that it can re-use similar content at fragment granularity, and at the same time keeping transparency to the existing WWW infrastructure. Experiments on 16 popular web sites show that our approach can provide significant bandwidth savings and latency reduction in a wide range of bandwidth conditions.