Last May, the position was built up to a peak of 920 million, now reduced to 141 million, still making 300 million dollars. The profit-taking rhythm of Abraxas is worth learning. The combination of HYPE spot hedging and futures short positions is executed beautifully.

According to CoinJie.com news, Abraxas Capital has already made a profit of $9.2 million in its short-selling arbitrage on HYPE, with profit from the full-position funding rates totaling $33.83 million. Currently, the firm holds approximately $47.3 million worth of HYPE on the spot side, and on the derivatives side it holds HYPE short positions totaling approximately $63 million. Across all its short positions (covering multiple assets such as BTC, ETH, etc.), it has accumulated total profit of $33.83 million through funding-rate settlements. The current total size of its short positions is approximately $141 million. Abraxas Capital’s large short positions were built starting in May last year. It was once the largest whale on HyperLiquid in terms of contract funding size; at one point, the short position size reached as high as $920 million, and total profit across the full cycle was $301 million.