Abraxas Capital-linked Hyperliquid accounts show over $1.4B in shorts and $331M in profit

Two Hyperliquid trading accounts labeled as Abraxas Capital have generated more than $331 million in total profit while holding upwards of $1.4 billion in short positions, according to on-chain analytics service Lookonchain. The accounts attracted attention across crypto trading desks after generating substantial gains while remaining heavily exposed to the short side of the market.^[2][3]

Account dashboards shared by Lookonchain and trader account KookCapitalLLC indicate that wallet 0x5b5d51203a0f9079f8aeb098a6523a13F298C060 carries approximately $185.98 million in combined lifetime profit and roughly $775.66 million in short positions, with an account overview balance of about $295.5 million. A second wallet, 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36, shows roughly $145.50 million in lifetime profit, an overview balance near $302.69 million, and about $675.58 million in short positions primarily targeting ETH and BTC contracts.^[2][3]

KookCapitalLLC noted that the two accounts held a combined $1.37 billion short balance, arguing that the trade is not a speculative bet on a market crash but rather an institutional hedge book that profited while an estimated $876 million in long positions were liquidated overnight. Additional dashboard figures show the 0xb83d...6e36 account operated at 4.17x leverage with $305.07 million in account equity, allocating 99.15% of its perpetual exposure to shorts. Its largest positions included a $206.57 million ETH short and a $200.89 million BTC short, both cross-margined at 5x.^[1][3][4]