# Hyperliquid whale position — X 热门讨论 (2026-09-19 18:50 UTC)
## @tofudestiny (Destiny) · 09-08 02:21 · ♥72 ↻2 💬67 Abraxas Capital just added another 13,000 $ETH to its spot position, worth roughly $32.4M.
What makes this interesting is what sits on the other side.
The firm is holding around 141,180 $ETH short on Hyperliquid, worth roughly $353M.
So this isn't simply a whale buying $ETH while betting against it.
It's a much more interesting structure:
Spot $ETH on one side.
A large perpetual short on the other.
That kind of positioning can be used to hedge directional exposure while potentially capturing funding.
Abraxas has been running this type of two-sided positioning for a while, so I wouldn't interpret the $353M short as a straightforward bearish bet on Ethereum.
For me, the thing worth watching is the spread between the spot accumulation and the perp short.
That's where the actual strategy becomes visible.
On-chain positioning is getting increasingly sophisticated.
Personal view only. Not financial advice. https://x.com/tofudestiny/status/2097148247215350104