Abraxas Capital is currently sitting on approximately $101 million in unrealized losses across perpetual contract positions valued at $704 million. The portfolio is almost entirely short, with Ethereum shorts accounting for the largest drawdown at $41.23 million, followed by Bitcoin at $23.36 million, HYPE at $17.05 million, and Solana at $15.76 million. Despite the significant current underwater positions, the fund maintains a positive long-term track record. Historical data shows Abraxas Capital has accumulated roughly $79.06 million in cumulative profits, indicating that the present losses have not yet erased its overall trading gains.