Abraxas Capital’s Hyperliquid Short Positions Peaked at $1.57 Billion

Abraxas Capital built up to $1.57 billion in notional short positions on Hyperliquid, showing the scale of a strategy the London investment manager uses to hedge crypto holdings and collect funding payments. Two accounts linked to the firm have generated $9.8 billion in cumulative trading volume, logged 5 million fills across 37 markets and received more than $66 million in funding payments. They began trading on Hyperliquid on Feb. 20, 2025. The short positions reached their notional peak on Oct. 6, 2025, including $498 million in Ether (ETH) and $446 million in Bitcoin (BTC) positions.