Abraxas Capital faces $101.34M unrealized losses on a $703.71M short perp book, primarily across ETH, BTC, and SOL.
DeFi & Yields ·
Abraxas Capital has accumulated $101.34M in unrealized losses across a $703.71M perpetual futures portfolio that is almost entirely short. The largest drawdowns are concentrated in ethereum, down $41.23M, bitcoin at $23.36M in losses, and smaller positions in HYPE and solana accounting for $17.05M and $15.76M respectively.
The scale of the short bet reflects a directional market conviction, but current prices have moved against the position. Despite the present underwater mark, the trading entity maintains a lifetime profit of $79.06M, indicating previous gains that have been partially offset by recent adverse price movement.
What remains unclear is the timeframe over which these losses accumulated, whether risk management limits triggered any position adjustments, or how the position may respond to further market moves. The persistence of such a large negative unrealized position raises questions about the fund's risk tolerance and exit strategy.