Abraxas Capital continues to increase its ETH short positions, with total funding rate settlements now reaching $39.26 million in profit.

According to ChainCatcher, HyperInsight monitoring shows that the address labeled as Abraxas Capital (0x5b5) has been continuously increasing its ETH short positions at $3,107. The cumulative increase is about 566 ETH (approximately $1.75 million), expanding the position size to $382 million, with an average price of $3,248 and a liquidation price of $119,000. In addition, it also holds a HYPE short position of about $316.4 million, with an unrealized profit of $22.9 million. The cumulative profit from funding rate settlements on this address's short positions has reached $392.6 million.

According to further monitoring, Abraxas Capital began building its ETH short positions in May, and was previously the largest whale in Hyperliquid's contract capital size. Since November, this address has been continuously taking profits on its ETH shorts, with the position size previously around $2.67 billion, and nearly $2.4 billion has now been closed cumulatively.