Abraxas Capital bought 13,000 ETH for $32.39 million on Sept. 8 while retaining a 141,180-ETH short position on Hyperliquid worth roughly $353.27 million. The London firm, which manages more than $4 billion, is holding spot Ether alongside the derivatives short, a structure intended to reduce losses if Ether rises while retaining exposure to perpetual-futures funding. The position follows a late-August period when Abraxas built a $783 million Hyperliquid short and withdrew 73,872 ETH worth about $173.17 million from Binance over four days. Ether traded near $2,480 after remaining in a weeks-long range, an environment that can support funding-based carry strategies but does not eliminate basis, funding-rate or platform-leverage risks.