@contributor
Abraxas Capital shorted 67.5M XPL ($57.4M) on Hyperliquid over the past 3 days.
- My guess is they’re arbing the spread between Binance and Hyperliquid to catch the free arb, but still impressive to see them shorting such large size on a premarket.
- They now make up around 20% of the total open interest on Hyperliquid and ~9% of all open interest. Over the past hour, they also deposited 75M USDC, likely for extra margin.
- It’s not a directional bet but likely part of their Elysium Global Arbitrage Fund, which they are known for, meaning the position is market neutral
0 reply
0 recast
0 reaction