Two hedge addresses linked to Abraxas have accumulated a profit of approximately $429 million on Hyperliquid.

According to TradingBeats monitoring, London-based asset management firm Abraxas Capital holds two hedging addresses on Hyperliquid: 0xb83d…6e36 and 0xcbb6…4165. The two addresses have generated a combined cumulative profit of approximately $428.56 million, and currently hold around $1.05 billion in short positions. One address has a current total asset net value of roughly $203 million, with a historical cumulative profit of about $183.63 million and an unrealized profit of approximately $39.28 million. The other address has a current total asset net value of around $203 million, historical cumulative profit of roughly $183.63 million, and unrealized profit of about $38.33 million. Abraxas’ positions are dominated by short selling: ~2,090 BTC shorted, worth ~$157 million, with 5x leverage, generating an unrealized profit of $5.91 million to $6.18 million; ~28,000 ETH shorted, worth ~$59.9 million, 5x leverage, unrealized profit of $6.57 million to $6.71 million; ~1.03 million HYPE shorted, worth ~$76.7 million, 5x leverage, unrealized profit of $620,000 to $710,000; ~49,700 ZEC shorted, worth ~$61.35 million, 3x leverage, unrealized profit of $5.05 million to $5.3 million. Short positions in other assets including SOL, XRP, ENA, DOGE, WLD, and GOLD also post unrealized profits, while SILVER short positions currently carry an unrealized loss of approximately $1.26 million.