Abraxas Capital generates $303.9M in realized PnL on Hyperliquid
The London-based asset manager is running opposite trading strategies across multiple wallets, racking up a 177% ROI on the decentralized perpetual futures exchange.
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Add us on Google by Editorial Team May. 11, 2026Abraxas Capital, a London-based digital asset management firm overseeing $2.54 billion in assets, has posted $303.9 million in realized profit and loss on Hyperliquid, making it one of the most profitable institutional players on the decentralized perpetual futures exchange.
How Abraxas is printing money on a DEX
Abraxas achieved a 177% return on investment over a 30-day period ending May 4, 2026, ranking it near the top of Hyperliquid’s leaderboard. For the week of May 3 through May 10 alone, the firm recorded $20.3 million in PnL.
The core of the strategy revolves around significant short positions. Abraxas has been shorting digital assets like Ethereum and Hyperliquid’s native HYPE token, while also taking on commodity-linked positions in oil and gold. As of May 6, the firm held a $22 million short on gold at an average entry price of $4,650.
Abraxas has collected $2.7 million in cumulative funding income across its positions, essentially getting paid to hold trades. When funding rates are positive, meaning long positions are paying short positions, a well-positioned short can generate passive income regardless of what the underlying asset does.
Not every trade is a winner
In April 2026, Abraxas closed a $130 million short position on Brent crude oil that ended in a net loss of $360,000. That loss is roughly 0.28% relative to the position size. The firm also carried unrealized losses on certain positions even as the overall portfolio remains deeply profitable.
What institutions on Hyperliquid mean for everyone else
Hyperliquid has positioned itself as a high-performance decentralized exchange for perpetual futures, using an order book model rather than the automated market maker design used by most DEXs. Abraxas running billions of dollars in notional exposure through the platform is a strong endorsement of that infrastructure.
High open interest from institutional participants may attract even more capital to Hyperliquid. However, as more capital flows into similar funding rate arbitrage and short strategies, crowded positioning compresses funding rates and increases the probability of short squeezes. Abraxas’s oil arbitrage loss illustrates how quickly funding rates on commodity-linked perpetual contracts can flip when open interest gets lopsided.
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