Fasnara Capital maintains $192M short position on Hyperliquid across BTC, ETH, and ZEC, with $122M lifetime profits.
DeFi & Yields ·
Fasnara Capital maintains a $192 million short position across assets on Hyperliquid, with $222.41 million in total open positions reflecting an 86.3 percent short bias. The firm's largest individual shorts are Bitcoin at $51.53 million and Ethereum at $51.15 million, followed by a $26.33 million Zcash short, alongside a $21.68 million long position in SKHY.
Current unrealized losses stand at $5.63 million, though the firm posted a $10.08 million gain over the preceding 30 days. The divergence between short-term and lifetime performance is substantial: despite near-term drawdowns, Fasnara has realized $122.26 million in cumulative profits from its Hyperliquid trading activity. Individual position losses include $774,500 on the Bitcoin short and $1.39 million on the Zcash short, partially offset by a $1 million unrealized gain on its Ethereum short.
Whether these shorts reflect a directional bearish thesis on the underlying assets or a tactical hedge remains unclear from the disclosed position data alone. The firm's substantial lifetime profitability suggests sustained conviction in its short strategy, though the current underwater position indicates exposure to recent market moves favoring long positions.