Abraxas Capital Management has implemented a major hedge strategy through leveraged derivatives positions on decentralized exchange Hyperliquid. The firm utilized two separate wallets to open short positions on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) with 10x leverage, designed to counterbalance risks associated with its substantial spot holdings in these assets.
The trades have yielded remarkable results, accruing over $112 million in floating profit thus far. This significant financial outcome highlights the effectiveness of the firm’s hedging approach amid cryptocurrency market volatility.
This strategic maneuver reflects a broader institutional trend of deploying derivatives for sophisticated risk management within digital asset portfolios. The use of high-leverage instruments on platforms like Hyperliquid demonstrates how traditional financial hedging techniques are increasingly being adapted to crypto markets.