$783M Short Position Portfolio Built by Abraxas Capital Amid ETH Withdrawals
Abraxas Capital, a London-based digital assets firm managing over $4 billion, has built an enormous short position portfolio on Hyperliquid while withdrawing $173.17 million in Ethereum from Binance.
The firm's aggressive strategy involves holding roughly $598 million in predominantly short positions across two wallets on Hyperliquid's decentralized perpetual futures platform, including $193.9 million short on ETH, $175.4 million short on Bitcoin, $141.6 million short on Hyperliquid's native HYPE token, and $65.8 million short on Solana.
Abraxas has been actively increasing exposure, adding approximately $19.5 million in gross shorts within a two-hour window recently. The firm has consistently maintained short exposure ranging from $500 million to over $900 million on Hyperliquid since mid-2025.
The trade isn't exactly printing money, with Abraxas carrying an unrealized loss of $80.8 million across its positions. However, the firm's strategy focuses on funding-rate arbitrage rather than pure directional trading, which has led to profits exceeding $300 million primarily through this approach.