Abraxas Capital's two hedging accounts on the perpetual DEX Hyperliquid have accumulated a total profit of $428.56 million, according to on-chain data. The fund continues to maintain a significant short exposure, with approximately $1.05 billion in open short positions remaining on the platform. The substantial unrealized gains reflect Abraxas Capital's aggressive hedging strategy during recent market volatility, positioning them as one of the largest traders on Hyperliquid's decentralized derivatives exchange.