Abraxas Capital amasses $304 Million PnL on Hyperliquid through dual long and short strategy: Report

Abraxas Capital, a London-based digital asset management firm overseeing more than $4 billion in assets has generated approximately $304 million in realized profits on Hyperliquid by operating two large, opposing trading books at the same time, according to Nansen.

Abraxas Capital has $303.94M in realized PnL on @HyperliquidX – and they’re running two completely opposite books to get there.

Wallet 1: 98% long. $11.80M BTC at $77.24K entry, up $509K. XRP short generating 631% ROI on the side. $179.38M in realized PnL behind it.

Wallet 2:… pic.twitter.com/i8qGNSZjhB

— Nansen 🧭 (@nansen_ai) May 11, 2026

One book is heavily long Bitcoin ($11.80M at $77.24K entry) and has profited hugely from an XRP short, delivering around $179 million in realized PnL. The other book is predominantly short, featuring sizable positions against GOLD, HYPE, and FARTCOIN, adding another $124 million in realized gains.

Abraxas Capital exits $130M crude short amid massive carry costs: Arkham Intel

In April, Abraxas Capital unwound short crude positions tied to roughly $130 million in exposure, based on commentary and analysis from Arkham Intel. The move follows reports that the trade incurred exceptionally large negative carry, with annualized financing or roll costs estimated at around $600 million. This suggests the position was likely structured with high leverage or synthetic exposure to amplify funding pressures.

Unlike crypto or equity perpetuals, crude oil exposure is managed via monthly futures contracts that must be rolled forward at expiry. In recent conditions described as backwardation, near-term oil prices exceed longer-dated contracts, often reflecting tight supply dynamics and geopolitical disruptions referenced in market commentary.

For short positions, this structure creates repeated losses on each roll as traders sell cheaper deferred contracts and buy more expensive front-month contracts.

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