Abraxas Capital generates $303.9M in realized PnL on Hyperliquid
Crypto Briefing
London-based Abraxas Capital achieved $303.9 million in realized profit on the Hyperliquid decentralized exchange using high-conviction short strategies and funding rate arbitrage.Summary
Abraxas Capital, a firm managing $2.54 billion in assets, has become a top performer on the Hyperliquid decentralized exchange, recording $303.9 million in realized PnL. The firm's success is driven by short positions on assets like Ethereum, HYPE, and commodities, alongside earning passive income through positive funding rates. While the firm maintains a high return on investment, it acknowledges that not all trades are profitable, evidenced by a minor loss on a crude oil position. The presence of institutional players like Abraxas highlights Hyperliquid's robust order-book infrastructure but suggests that increasing market crowding may eventually impact the efficacy of similar arbitrage strategies.
(Source：Crypto Briefing)