Abraxas Capital's Hyperliquid Accounts Reach $429 Million in Profits

Two Hyperliquid accounts linked to Abraxas Capital recorded $429 million in combined cumulative profits as of Nov. 9, according to on-chain data from the perpetuals exchange. The same accounts held $1.05 billion in short positions on that date.

The profit figure marks a step up from a snapshot taken on Oct. 25, when the accounts showed cumulative gains above $353 million. Position sizing has moved in the opposite direction: shorts stood at more than $1.29 billion on Oct. 25, fell to $451.68 million by a Nov. 8 snapshot, then rose again to $1.05 billion a day later.

How does Abraxas run the strategy?

Abraxas has operated a market-neutral strategy since 2018, shorting crypto holdings to limit exposure to price swings while collecting funding payments. Funding payments — the fees long positions pay to shorts in positive-rate environments — have contributed more than $66 million to the accounts' cumulative results.

The firm adjusts position sizes as funding rates shift. Its Hyperliquid short positions previously peaked at $1.57 billion in notional value in October 2025, meaning current exposure sits roughly a third below that high-water mark.

What does the on-chain record show?

The cumulative activity on Hyperliquid spans 37 markets and includes:

• $9.8 billion in total trading volume
• Five million fills
• More than $66 million in funding payments received

That volume-to-profit ratio implies the strategy extracts roughly 4.4 cents of profit per dollar traded — a thin margin per fill that compounds through scale and frequency. Five million fills across 37 markets averages out to roughly 135,000 fills per market.

Why does the position sizing matter?

The swing from $1.29 billion in shorts on Oct. 25 to $451.68 million on Nov. 8, then back above $1 billion on Nov. 9, illustrates how quickly market-neutral books reprice. A one-day rebound of nearly $600 million in short exposure suggests Abraxas responded to a funding-rate or basis move within a single session rather than over weeks.

The $76 million increase in cumulative profits between Oct. 25 and Nov. 9 — from $353 million to $429 million — was earned while the accounts cut and then rebuilt short exposure. That pattern fits a funding-capture model: profits accrue from holding shorts during favorable rate periods, and exposure scales down when rates compress.

What comes next?

Abraxas's Hyperliquid footprint now places it among the largest identifiable market-neutral accounts on the exchange. Whether short exposure again approaches the $1.57 billion October peak will depend on where funding rates settle as market structure on Hyperliquid continues to deepen.