The $90 million Unrealized Loss "Big Short" Abraxas Capital Actually a Long Position, Holding $810 million in Spot Assets

BlockBeats News, August 24th, according to TradingBeats (formerly Hyperinsight) monitoring, two Hyperliquid accounts associated with Abraxas Capital currently hold a total of approximately $660 million in short positions of crypto assets, with a mark-to-market loss of about $84.82 million.

Among them, the short positions of ETH, BTC, HYPE, and SOL amount to approximately $625 million, with individual losses of about $31.35 million, $26.35 million, $22.45 million, and $4.34 million, respectively. If including gold, silver, and Mirror Protocol synthetic assets, the total value of all open positions in the two accounts is approximately $779 million, with a total unrealized loss of about $93.52 million.

However, the full on-chain asset display shows that the listed assets of Abraxas Capital have exceeded $815 million, including about 3,161 BTC, 1.711 million HYPE, as well as ETH, WSTETH, WEETH, and AETHWETH Ethereum assets:

BTC (3,161 coins), while the two Hyperliquid accounts are collectively short about 2,469.1 BTC, with a spot coverage exceeding 28%; in terms of quantity, the overall net long position is about 691.9 BTC, worth about $53.31 million.

ETH (47,600 coins), and holding a total of about $253 million worth of WSTETH, WEETH, and AETHWETH. At the current price, the above assets total about 150,700 ETH, covering approximately 87.6% of the short position of 87,600 ETH, corresponding to a net long exposure of about 63,100 ETH.

HYPE (1.711 million coins). The two accounts are collectively shorting 1.9294 million HYPE, with coverage of approximately 88.7%, leaving a net short of about 218.4 thousand coins. Although the HYPE short position incurs an unrealized loss of about $22.45 million, approximately $11.236 million in funding fees have been collected cumulatively since the position was opened, with an additional spot profit of about $16.69 million; the HYPE hedge position, on the other hand, is profitable by about $5.47 million.

In addition, the FARTCOIN short position is almost one-to-one covered by UFART spot, and the XPL short position has a spot coverage ratio of about 54.5%. It also holds about $49.37 million worth of XAUT, which can cover about 53.2% of the $92.76 million gold short position at nominal value.

The two Hyperliquid accounts have cumulatively earned about $17.43 million in funding fees from all existing contracts.