Abraxas Capital Accounts Reach $429 Million in Hyperliquid Profits

The two Hyperliquid accounts linked to Abraxas Capital had combined cumulative profits of $429 million and short positions of $1.05 billion as of Nov. 9.

The profit total was above the more than $353 million recorded in a snapshot of the accounts on Oct. 25. That snapshot showed short positions above $1.29 billion. A Nov. 8 snapshot put the accounts' short positions at $451.68 million.

Abraxas has used a market-neutral strategy since 2018, shorting crypto holdings to limit exposure to price swings and collect funding payments. On Hyperliquid, the accounts' cumulative activity includes $9.8 billion in volume and five million fills spanning 37 markets; they have also received more than $66 million in funding payments. Their position sizes have shifted with funding rates, and the firm's Hyperliquid short positions previously reached a $1.57 billion notional peak in October 2025.