Key Takeaways
- • Abraxas Capital holds about $1.57 billion in notional short positions on Hyperliquid, used to hedge its crypto holdings and collect funding payments.
- • The firm's two accounts have generated $9.8 billion in trading volume and more than $66 million in funding since starting in February 2025.
- • Short positions peaked in October 2025 at roughly 10% of Hyperliquid's open interest, concentrated in Ether and Bitcoin, before being reduced as funding rates fell.
- • Abraxas has since re-expanded activity and currently holds about $365 million in various tokens and stablecoins on Hyperliquid, which could support future token buybacks under Hyperliquid's yield mechanism.
Summary
Abraxas Capital has built up to $1.57 billion in notional short positions on Hyperliquid, the decentralized perpetuals exchange, according to a Pluang report. The firm uses the strategy to hedge its crypto holdings while earning funding payments from the perpetual futures market.
The firm's two accounts have generated $9.8 billion in trading volume and received over $66 million in funding since the strategy began in February 2025. Its short positions peaked in October 2025, representing about 10% of Hyperliquid's open interest, primarily in Ether and Bitcoin. As funding rates declined, Abraxas reduced its exposure, but it has since expanded activity again.
Abraxas currently holds $365 million in various tokens and stablecoins on Hyperliquid. The report notes these balances could support future token buybacks under Hyperliquid's yield mechanism.
The report was published against a backdrop of Bitcoin trading near $83,000 on October 21, 2026, according to market data cited by Pluang, with Bitcoin's market capitalization at roughly Rp30,161.56 trillion and a 1-day gain of 2.14% on the Pluang platform. Bitcoin is trading well below its September peak of $87,392, and market participants are watching the Federal Reserve's October 28 policy decision. The report does not provide a direct link between the Abraxas positions and these price movements.
The firm's two accounts have generated $9.8 billion in trading volume and received over $66 million in funding since the strategy began in February 2025. Its short positions peaked in October 2025, representing about 10% of Hyperliquid's open interest, primarily in Ether and Bitcoin. As funding rates declined, Abraxas reduced its exposure, but it has since expanded activity again.
Abraxas currently holds $365 million in various tokens and stablecoins on Hyperliquid. The report notes these balances could support future token buybacks under Hyperliquid's yield mechanism.
The report was published against a backdrop of Bitcoin trading near $83,000 on October 21, 2026, according to market data cited by Pluang, with Bitcoin's market capitalization at roughly Rp30,161.56 trillion and a 1-day gain of 2.14% on the Pluang platform. Bitcoin is trading well below its September peak of $87,392, and market participants are watching the Federal Reserve's October 28 policy decision. The report does not provide a direct link between the Abraxas positions and these price movements.
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