Abraxas Capital Profits from Short Positions on Hyperliquid

Abraxas Capital has recorded significant profits from short positions on the Hyperliquid platform, according to BlockBeats On-chain Detection. The firm, using two addresses, has shorted HYPE, earning $9.2 million solely from funding rate settlements. Currently, Abraxas Capital holds approximately $47.3 million in HYPE spot positions and $63 million in HYPE short contracts. The total profit from all short positions, including those on BTC and ETH, through funding rate settlements has reached $33.83 million, with the current total short position size around $141 million. Abraxas Capital began accumulating large short positions in May of last year and was once the largest whale in terms of contract funds on Hyperliquid, with short positions peaking at $920 million and total cycle profits reaching $301 million.