Abraxas Capital, a London-based digital asset firm with over $4 billion in assets under management, has made a notable move in the Ethereum market. The firm recently purchased 16,554 ETH, worth about $39 million, and simultaneously holds a short position of 120,178 ETH on Hyperliquid, valued at $291 million. This dual strategy allows the firm to earn funding rate fees from the perpetual swap market. On August 29, the funding rate returns generated $21 million in a single day. On-chain data indicates that the firm's short exposure once reached $783 million, covering not only ETH but also Bitcoin and SOL. The information was reported by CryptoBriefing, as cited by Techub News.
Abraxas Capital, a London digital-asset firm that manages more than $4 billion, is taking both sides of Ethereum. It recently bought 16,554 ETH, worth about $39 million, while at the same time keeping a 120,178 ETH short on Hyperliquid, the decentralized perpetuals exchange. That short is worth roughly $291 million.
The firm is using a hedge: stack spot, short perpetuals, collect the funding. Simple setup. On August 29, the trade brought in $21 million in just one day. On-chain data shows the firm's short exposure at one point climbed to $783 million across ETH, BTC, and SOL. The details come from CryptoBriefing, cited by Techub News.
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