Abraxas Capital, Wintermute, and a wallet linked to Fasanara Capital have emerged with some of the largest short books on Hyperliquid, a decentralized exchange where perpetual futures settle onchain, after last week’s crypto rally wiped out much of the bearish leverage held by smaller traders.

The three accounts hold a combined 138,569 ETH worth about $338 million and 3,425 BTC worth roughly $265 million in short positions. Their visible ETH and BTC exposure alone totals about $603 million, while Abraxas and Wintermute also carry shorts across HYPE, SOL, XRP, and other tokens.

The positions do not necessarily represent outright bearish bets. Abraxas has simultaneously accumulated spot ETH, while Wintermute operates large market-making inventories across centralized and decentralized venues.

Abraxas Builds $783 Million Short Book While Withdrawing ETH

Abraxas has expanded its total Hyperliquid shorts to approximately $783 million, including about $100 million in ETH, $95 million in BTC, $84 million in HYPE, and $24 million in SOL. The tracked positions use 5x leverage.

At the same time, the firm withdrew 73,872 ETH worth about $173 million from Binance over four days. Holding spot ETH against an ETH perpetual short can reduce directional exposure while allowing a trader to capture funding or manage risk elsewhere in the portfolio.

That structure makes the $783 million headline materially different from an unhedged wager on falling crypto prices. Hyperliquid exposes one derivatives leg onchain, while spot holdings, centralized exchange positions, options, and OTC exposure can sit elsewhere.

A similar distinction applies to the Fasanara-linked account known as BobbyBigSize. The wallet has repeatedly run large ETH and HYPE shorts while accumulating more than $180 million in tracked Hyperliquid profits. The Fasanara attribution comes from third-party wallet labeling rather than a public confirmation from the firm.

Wintermute Raises Shorts to $190.77 Million

Wintermute increased its Hyperliquid short exposure from $146.19 million to $190.77 million, adding about $44.58 million.

Its five largest shorts were $53.02 million in ETH, $30.66 million in BTC, $22.62 million in SOL, $11.43 million in HYPE, and $10.19 million in XRP. The wallet was carrying about $5.85 million in unrealized losses after the latest increase.

The same address had previously earned about $2.14 million in funding — the recurring payments that long and short perpetual traders exchange with each other, set by the contract’s price relative to its underlying index — while maintaining a heavily short-biased Hyperliquid book. For a market maker handling client flow and inventory across multiple venues, perpetual shorts can offset spot exposure or collect funding rather than express a single directional view.

Large Shorts Remain After $3 Billion Market Squeeze

The institutional-sized positions remain after Bitcoin’s move through $74,000 produced a $3 billion short squeeze across the crypto derivatives market.

Ethereum, Solana, and HYPE accelerated alongside Bitcoin, forcing leveraged bearish positions out as liquidation levels were crossed. HYPE subsequently pushed above $83, while ETH recovered toward $2,450.

Hyperliquid had already reached about $11 billion in open interest in July as increasingly large traders moved derivatives exposure onchain. That migration is what makes positioning of this scale publicly observable at all: while only one leg of each book is visible, subsequent additions, reductions, or closures are traceable onchain in near-real time — a transparency that positions held on centralized exchanges do not offer.

Abraxas’ simultaneous 73,872 ETH withdrawal leaves its visible short book paired with roughly $173 million of newly accumulated spot ETH, while Wintermute’s tracked Hyperliquid account remains short $190.77 million across major crypto assets.

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