Abraxas Capital has recorded a combined $428.56 million gain across two hedge accounts operated on Hyperliquid, according to Lookonchain, while holding $1.05 billion in short positions. Market-making firms such as Abraxas Capital can use shorts to hedge spot holdings, meaning on-chain positions may not represent the firm’s complete exposure and actual investment profit or loss could differ. An earlier snapshot listed $451.85 million in open positions, including $451.68 million of short exposure and $30.77 million in unrealized profit, with individual positions in BTC, HYPE, ETH and ZEC. That earlier record also compared Abraxas Capital with Wintermute’s $107.59 million perpetual-contract position.