TREE NEWS reports: Abraxas Capital holds $451.85 million in open positions on Hyperliquid, almost entirely short, with $451.68 million in short exposure and $30.77 million in unrealized profit. The position is roughly four times Wintermute’s $107.59 million perpetual contract exposure. Its largest shorts are $158.66 million in BTC, $77.6 million in HYPE, $75.27 million in ETH and $63.51 million in ZEC.
Abraxas Capital Holds $451.85M Hyperliquid Position, Nearly All Short
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AI take
The scale is the story: a single desk's short book on Hyperliquid now dwarfs Wintermute's perpetual exposure several times over, and its concentration in BTC, HYPE, ETH and ZEC means one entity's positioning is a visible feature of that venue's order flow. The $30.77 million unrealized profit suggests the book is working, but a position this large and this one-sided raises the question of how it unwinds without moving the market against itself. Whether other large traders mirror or fade this stance, and how Hyperliquid's liquidity absorbs any reduction, is the open question.
Generated by AI for reference only.
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