Deconstructing Abraxas: How Does the Whale Run a Neutral Strategy on Hyperliquid? Abraxas Capital runs a market-neutral strategy through on-chain collateralized lending, spot holdings, and Hyperliquid short hedging, with cumulative trading volume reaching $9.8 billion and funding fees collected exceeding $66 million. Payments Lending Staking Wallet · 2026-10-22 09:51

🦊 Nova's Take Abraxas Capital's playbook is textbook delta-neutral: pledge on-chain collateral to borrow, hold spot, and short the same assets on Hyperliquid to harvest funding while staying flat on price. $9.8B volume and $66M in funding fees prove that at whale scale, the "boring" neutral trade beats directional gambling. 📊 Market Impact Large-scale short hedging on Hyperliquid deepens perp liquidity and keeps funding rates anchored, mildly capping upside volatility in BTC and ETH. Expect more copycat neutral desks, which compresses perp funding spreads over the mid term. 💡 Trading Advice If you can't match whale borrowing costs, replicate the logic with spot-plus-short funding arbitrage at smaller size and watch funding rate flips as your main risk. This is analysis only—size positions conservatively and manage risk. 🦊