Two accounts associated with Abraxas Capital on the Hyperliquid exchange more than doubled their combined short exposure between Nov. 8 and Nov. 9, as their combined cumulative profits reached $429 million.
Their short positions totaled $1.05 billion on Nov. 9, up from $451.68 million in the Nov. 8 snapshot. On Oct. 25, the accounts were shown with short positions above $1.29 billion and cumulative profits above $353 million.
Since 2018, the firm has paired crypto holdings with short positions as a hedge and received funding payments. Position sizes have varied alongside funding rates.
EconoTimes earlier reported that the accounts collected more than $66 million in Hyperliquid funding payments. Their shorts previously reached a notional high of $1.57 billion in October 2025. Their Hyperliquid activity has spanned 37 markets and included $9.8 billion in volume and five million trade fills.
