Abraxas Capital's $452 million Hyperliquid short is only one wallet: a linked account adds $561 million, and both hold HYPE spot against their shorts

What the wallet shows

Odaily's report gave $451.85 million of open positions, $451.68 million of short exposure and $30.77 million of unrealized profit. It compared that with $107.59 million of perpetual exposure at Wintermute, which makes the Abraxas figure about four times larger. Our API read came 16 minutes later and differs by about $230,000 on the totals, which fits normal price movement. The four largest positions match the report to within $10,000.

Account 0xB83 had $105.78 million of account value against $451.62 million of position value, or about 4.3 times. Those liquidation prices sit far from the market. BTC would need to rise about 66% from the $75,911 mark to reach $125,902. Cross-margin liquidation levels move as the other positions in the account move, so treat them as a snapshot.

The HYPE row is the only one of the four that was losing money. Hyperliquid's mark for HYPE was $77.05, about 2.4% above the $75.22 average entry.

The second wallet changes the scale

Odaily's figure does not include account 0x5b5d. Read at the same time, that account held $561.41 million of shorts across 22 coins, $34.07 million of unrealized profit and $119.73 million of account value, about 4.7 times leverage. Its largest shorts were BTC at $178.74 million, ETH at $174.79 million, HYPE at $56.96 million, SOL at $56.75 million and ZEC at $47.03 million.

Together the two accounts are large relative to Hyperliquid's own market. We divided each position's value by the open interest in Hyperliquid's market data, read at 17:03 SGT.

ZEC stands out. Close to one dollar in every five of its open interest on Hyperliquid belongs to these two accounts, and ZEC was also the weakest of the four over the past day: its mark fell 4.5%, from $1,324.70 to $1,264.70. Shorts this concentrated can matter when they are closed, because a buyer of that size has to find sellers in the same book.

Why the HYPE short looks hedged

Hyperliquid's spot records for both accounts show HYPE balances next to the perpetual shorts.

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The net short is about 187,987 HYPE, or roughly $14.5 million at the $77.05 mark, against a gross short of $134.57 million. A headline reading "$134 million short HYPE" therefore overstates the price bet by about nine times, if those balances stay in place.

That pattern fits what Arkham wrote in its June 2025 note on the firm. Arkham called Abraxas a delta-neutral manager and pointed to its Elysium Global Arbitrage Fund, with more than €1.2 billion in assets at the time. It said the shorts were plausibly the short legs of those trades. In a second note, it linked 0xB83 to the firm through deposits to a Binance deposit address also used by known Abraxas addresses.

We could only test HYPE this way. Neither account shows meaningful BTC, ETH or ZEC spot on Hyperliquid, and any hedge for those legs could sit in other wallets, at custodians or on exchanges. So the BTC and ETH shorts may be hedged, but today's data cannot prove it.

The funding these shorts collect

Positive funding means longs pay shorts, and it was positive for all four coins on Hyperliquid. Hyperliquid's funding records show 0xB83 received $30,712 and 0x5b5d received $37,295 in the six hours to about 17:00 SGT, a combined $68,007. The biggest single line was BTC, at $11,854 for 0xB83 and $13,402 for 0x5b5d.

The longer record is larger. Hyperliquid's all-time funding fields show about $10.64 million on BTC and $10.34 million on ETH for 0xB83, and about $19.88 million and $19.01 million for 0x5b5d. That is about $59.9 million on those two coins, which is why the size of a short tells you little on its own. A fund can earn this income while its price risk is offset elsewhere.

Rates differ by venue, so the same short earns different amounts. We converted each venue's rate to an eight-hour figure using its public API at about 17:05 SGT (Hyperliquid at 17:03 SGT). Each rate resets at the next funding interval.

OKX's HYPE rate was slightly negative, so there a short pays a long. ZEC on OKX paid shorts more than three times the Hyperliquid rate at that moment. Our funding rates page tracks these spreads through the day, and the liquidations page shows whether long or short positions are being forced out.

What this has looked like before

These accounts have been watched for more than a year. Arkham wrote in June 2025 that 0x5b5 was short almost $500 million across BTC, ETH, HYPE, SOL and SUI, and that the firm's tracked wallets held more than $464 million, mostly liquid staked ETH and BTC tokens. The same month it recorded a $17.4 million HYPE short and $246 million of BTC, ETH and SOL shorts on 0xB83, and put the firm's total assets above $3.6 billion. We cannot confirm from today's on-chain data that those holdings are unchanged.

The book has moved a lot since. AiCoin data carried on kucoin.com on December 1, 2025 said the two addresses cut total positions from $760 million on November 3, 2025 to $146 million while closing profitable shorts, and moved about $62 million into Hyperliquid to add HYPE spot with 5x shorts against it. A CoinsProbe report carried on kucoin.com on August 29, 2026 counted $472 million of shorts and $21 million of 24-hour profit. Today's $1.01 billion is the sum of two accounts, so compare it with those earlier numbers carefully: the sources do not all measure the same wallets.

How to use this on an exchange

If you hold a coin and want to offset its price risk with a perpetual short, which is the structure the HYPE data shows, the fee decides how long funding takes to pay for the trade. Here is a $10,000 BTC short using current registry rates.

On Bitget, the taker fee is 0.06%, so one side costs $6. Sign up with invite code nexu888 and 60% of that fee comes back, daily and automatically, which is $3.60. Opening and closing therefore cost $4.80 net. At the 0.0067% rate above, funding pays $0.67 every eight hours, so break-even takes about seven intervals, or about 57 hours, if the rate holds. It often will not hold.

On OKX, the taker fee is 0.05%, or $5 a side. Code nexu888 returns 20% hourly, which is $1, so the round trip costs $8 net. At 0.0026%, funding pays about $0.26 every eight hours, which means about 30 intervals, or ten days. On these snapshot numbers, the higher Bitget rate and larger fee share cut the wait to about a quarter. Compare live terms on our Bitget page and OKX page before you open anything.

Before placing a short of this kind, check three things:

1. The current funding rate and interval on your venue. Bitget's HYPE contract settled every four hours at this read, while its BTC contract settled every eight.
2. Your liquidation price with the margin you actually post. Spot held in another account does not protect a perpetual short from liquidation.
3. Whether the spot and perpetual sizes match. A 90% hedge still leaves 10% of the position exposed to price.

What we could not confirm

• Whether both accounts belong to Abraxas today. The attribution comes from Arkham's 2025 notes and from Onchain Lens, and Abraxas has not commented in anything we opened.
• Whether the BTC, ETH and ZEC shorts are hedged elsewhere.
• Onchain Lens's original post. We read its figures through Odaily because our X reading budget is zero, and a Foresight News copy returned an error.
• Whether the shorts will be reduced or closed. Hyperliquid's data shows positions, not plans.

Quick answers

Is Abraxas Capital betting that crypto will fall?

The data does not settle that. Its HYPE shorts are about 89% matched by spot HYPE, and Arkham has described the firm as a delta-neutral manager. The BTC and ETH legs cannot be tested from these two accounts alone.

How big is the position in total?

About $451.45 million of shorts on 0xB83 and $561.41 million on 0x5b5d, or about $1.01 billion, read from Hyperliquid at 17:05 SGT on November 8. Only the first figure appeared in the original report.

Does a large short make my long riskier?

It adds one specific cost: positive funding means longs paid shorts at this reading. A long on ZEC or BTC on Hyperliquid paid 0.01% per eight hours at this rate, or $1 on a $10,000 position.

Where can I watch this?

Hyperliquid's position data is public for any address. Use our funding rates page for the cost side and earlier coverage such as the $107 million HYPE long near its liquidation price for how crowded HYPE positioning has been.