Abraxas Capital posts $428.6M in unrealized gains on Hyperliquid

Crypto investment firm Abraxas Capital has recorded $428.56 million in gains across two hedge accounts operated on Hyperliquid, according to Lookonchain. The firm currently holds $1.05 billion in short positions. Market-making firms including Abraxas Capital also sometimes deploy short positions to hedge spot holdings, and because on-chain-visible positions may not reflect their full exposure, actual investment profit and loss could differ from what appears on-chain.