Abraxas Capital Hits $1.2B on Hyperliquid Shorts Amid Crypto Rally

Abraxas Capital's Hyperliquid short position has reached $1.2 billion in notional value, making it one of the largest directional bets in the crypto market.

The firm had previously scaled its combined ETH and BTC short exposure to $980 million across Hyperliquid perpetual markets, but has since doubled down on its position, taking on an unrealized loss exceeding $100 million as of September 21, 2026.

Abraxas Capital's willingness to hold through a significant drawdown without closing the position suggests that it has sufficient collateral to ride out continued adverse market moves. However, this also indicates that the trade remains live and subject to further escalation of losses if markets continue higher.