Abraxas Capital rolls out $783 million short positions on Hyperliquid, hedges with $173 million in ETH withdrawals
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The London-based firm is running one of the largest short books in DeFi history while pulling nine figures in ETH off Binance as a hedge.
Key facts
That includes $193.9 million short on ETH, $175.4 million short on Bitcoin, $141.6 million short on Hyperliquid’s native HYPE token, and $65.8 million short on Solana
Since mid-2025, the firm has consistently maintained short exposure ranging from $500 million to over $900 million on Hyperliquid, frequently ranking as the platform’s largest single whale
The firm reduced its short exposure from $760 million in November 2025 down to approximately $270 million, showing it’s willing to cut and re-enter rather than ride positions into oblivion
Abraxas Capital, a London-based digital assets firm managing over $4 billion, has assembled a staggering short position portfolio on Hyperliquid while simultaneously withdrawing $173.17 million
Summary
Abraxas Capital, a London-based digital assets firm managing over $4 billion, has assembled a staggering short position portfolio on Hyperliquid while simultaneously withdrawing $173.17 million in Ethereum from Binance over four days. The numbers are eye-catching. Since mid-2025, the firm has consistently maintained short exposure ranging from $500 million to over $900 million on Hyperliquid, frequently ranking as the platform’s largest single whale. Right now, the trade isn’t exactly printing money.