「Abraxas Capital」 continues to add to its ETH short position, with the total funding rate settlement currently resulting in a $39.26 million profit

On January 13, per monitoring from HyperInsight (Telegram: https://t.me/HyperInsight), the address labeled Abraxas Capital (0x5b5) continued to add to its ETH short position at $3,107. It accumulated ~566 ETH (valued at ~$1.75 million), expanding its total ETH short position to $38.2 million—with an average entry price of $3,248 and a liquidation price of $119,000. Additionally, the address holds a ~$31.64 million short position in HYPE, with an unrealized gain of $22.9 million. It has also realized $39.26 million in profits from funding rate settlements on its ETH short position. Monitoring data shows Abraxas Capital’s ETH short position began building in May, previously ranking as the largest whale by contract fund size on Hyperliquid. Starting in November, the address has consistently taken profits on its ETH short: its position size peaked at ~$267 million, and it has since closed nearly $240 million of that position.