Abraxas Capital buys $32M ETH to hedge $353M Hyperliquid short

Abraxas Capital has bought another 13,000 ETH worth $32.39 million in the spot market to hedge part of a 141,180 ETH short position on Hyperliquid valued at $353.27 million. Summary Abraxas Capital bought another 13,000 ETH worth $32.39 million in the spot market, according to Lookonchain. The purchase was made to hedge a 141,180 ETH short position on Hyperliquid valued at $353.27 million. The latest spot purchase covers just over 9% of the short when measured by the number of ETH. Abraxas previously accumulated more than 211,000 ETH worth over $477 million during a six day buying run in May 2025. Lookonchain said on Sept. 8 that Abraxas Capital purchased the additional Ether while keeping its much larger short position open on the decentralized derivatives platform. The blockchain analytics account described the transaction as another spot purchase made specifically to hedge the short. At the values provided by Lookonchain, the latest purchase was made at an implied price of roughly $2,491 per ETH. The 13,000 ETH position equals just over 9% of the firm’s 141,180 ETH short when measured by the number of tokens. Abraxas therefore remains heavily net short based solely on the positi...