An on-chain hedging account has posted another set of striking figures: cumulative profits have climbed into the hundreds of millions of dollars.
According to monitoring data and media reports, Abraxas Capital’s two hedging accounts on Hyperliquid have made a combined profit of more than approximately $353 million, while their short positions remain large (reportedly over $1.2 billion). This looks more like the ongoing accounting of a professional market-making/hedging book than a one-off all-in trade call.
How to read it: rather than fixating on the “profit figure,” watch the position structure and funding-rate environment. When short positions are large on paper, a market turn can quickly hit leverage and trigger a liquidation cascade. For observers, treat this as a barometer of liquidity and risk appetite; don’t translate someone else’s hedging PnL directly into your own directional trade.
#Hyperliquid #Abraxas #衍生品 #On-chain
According to monitoring data and media reports, Abraxas Capital’s two hedging accounts on Hyperliquid have made a combined profit of more than approximately $353 million, while their short positions remain large (reportedly over $1.2 billion). This looks more like the ongoing accounting of a professional market-making/hedging book than a one-off all-in trade call.
How to read it: rather than fixating on the “profit figure,” watch the position structure and funding-rate environment. When short positions are large on paper, a market turn can quickly hit leverage and trigger a liquidation cascade. For observers, treat this as a barometer of liquidity and risk appetite; don’t translate someone else’s hedging PnL directly into your own directional trade.
#Hyperliquid #Abraxas #衍生品 #On-chain