Abraxas Capital’s play on Hyperliquid is pure institutional alpha. They’re not gambling on direction — they’re running a textbook market-neutral book: • Hold massive BTC/ETH spot (often earning yield on Aave/Spark) • Fully hedge with Hyperliquid perps • Farm positive funding while sleeping Add selective relative-value shorts on alts + memes and you get tens of millions in pure funding PnL with only ~5x effective leverage and massive liquidation buffers. This is how real size moves: capital efficiency > directional bets. #Hyperliquid #AbraxasCapital
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