Abraxas Capital built up to $1.57B in Hyperliquid shorts
- —Cumulative Hyperliquid volume hit $9.8 billion, with funding income above $66 million
- —Peak short notional reached $1.57 billion, roughly 10% of Hyperliquid open interest
- —Strategy: ETH LST collateral in Aave, stablecoin loans and ETH shorts on Hyperliquid
- —About $365 million in assets remains on Hyperliquid, including $249 million in USDC
Why it matters: A major hedge fund demonstrated how ETH-backed loans and perp-DEX shorts generate steady yield, but its pullback signals fading funding rates.
Source: TokenPost