Up $69M. And not one bet on where price goes
Over twenty months the exchange has paid these two wallets $69.1M. None of it required calling where price was going.
They buy the coin on spot and short its perpetual in the same second, at the same size. Direction cancels between the two legs: whatever one makes, the other gives back.
So the $204M loss sitting on their shorts is not a loss. It is half of the structure, and it is exactly what they get paid for every hour.
- Source: Hyperliquid public records: positions, spot balances, fills and funding payments on both accounts
- Wallets: 0x5b5d...c060 and 0xb83d...6e36
- Positions taken 23.09.2026 at 08:16 UTC; chart data frozen
15 coins short plus gold and crude. Account leverage 5. Outside trackers call it the most profitable address on the exchange.
17 coins short, the same names as the first. Opened the same week. Other trackers list it as Abraxas.
How it looks from outside
Any whale tracker shows the same thing: two wallets short almost everything that trades. Bitcoin, ether, Solana, XRP, HYPE, Zcash and two dozen more names. $1.33B in total.
The market rose this month, so the positions are $204M under water. An ordinary bear would close here, or wire in margin. These two do neither.
Over the last three weeks they have 54,000 filled trades and not one forced close. The next act explains why the loss does not bother them.
One second, two legs
In the exchange records the two entries sit next to each other. The wallet buys 4,227.8 HYPE on spot at 96.908. In the same second it opens a short of 4,227.8 HYPE perpetual at 96.892.
Same size, 1.6 cents apart. If HYPE doubles, the spot leg makes exactly what the short leg gives back. If it halves, the mirror happens. Direction drops out of the equation.
You can check it directly: together they hold 1.27M HYPE on spot against 1.40M short. That is 90% coverage.
What they get paid for
A perpetual contract has no settlement date, so the exchange pulls its price back to spot every hour. When more people want to be long with leverage than short, the long side pays the short side. That payment is called funding.
These two stand on the short side permanently. Across 16,170 payments the exchange has sent them $69.1M: $45.5M to the first and $23.5M to the second.
The pace tracks the market. May paid $0.3M, July $1.9M, August $4.2M, and September is already at $6.0M with days left.
Monthly bars, thousand $. Negative months mean they were the ones paying. From Hyperliquid funding payment records; data frozen 23.09.2026.
Where the edge sits
A leveraged short has a price at which the exchange closes it by force. On these positions that price is far away: on ether at 4,102 and 4,238, which is 50% and 55% above the market. On bitcoin at 138,664 and 152,838, plus 62% and 78%.
The rest sit further still: Solana plus 163%, HYPE plus 206%, Zcash plus 442%, XRP plus 508%.
Account leverage on both is around 5. For comparison, the whales we wrote about earlier traded at 40 and were taken out by a move of one and a half percent.
What the structure pays
Over the last 30 days funding brought them $4.69M. Against the $269M sitting on the two accounts that is 1.74% a month, roughly 21% a year.
None of it depends on where the market went. It went against their shorts this month, which is precisely why they were paid more: the harder the crowd leans long, the more it costs to stand there.
For comparison, making the same 21% on a directional trade requires calling direction. Here there is nothing to call.
Trading account value of each wallet, million $. The dips and spikes inside the period are transfers: both accounts move money constantly. From exchange records; data frozen 23.09.2026.
What they do risk
The word riskless does not fit here, and their own history proves it. In April 2026 funding turned: over that month these two did not collect, they paid $4.7M. When the market falls and the crowd leans short, the short side pays.
There are other places where this breaks. Spot and contract can drift apart in price, and then both legs need margin. The exchange can change how it settles. A coin can turn out to be one you cannot buy on spot in the size you need.
None of those risks show up on a price chart. Which is why, from the outside, all of this looks like an ordinary bearish bet.
Why this matters if you read the data
We publish how the largest Hyperliquid wallets are positioned every day. Here is what this dig turned up: on ether these two hold 60% of the entire short side, on Solana 57%, on Zcash 53%, on XRP and HYPE half of it, on bitcoin 49%.
Take the two accounts out and the same table reads the other way. On ether the whales go from 37% of the money sitting long to 60%. On bitcoin from 33% to 49%. On HYPE from 41% to 58%.
This does not make the number wrong. It means half of the short side in it is going nowhere and forecasting nothing.
Both positions are open. While the crowd stands long and pays for it every hour, these two stay where they are. The resolution will not come on a price chart. It comes on the day funding turns for a long stretch, the way it did in April.
We watch this every day
The radar goes out every morning: which big wallets sit closest to liquidation, where the large orders wait and which way funding is moving. The free part is on Telegram.
Open the radar on TelegramWatch a specific wallet →Next
- Six seconds: the 911 BTC whale and the wallet that bought his liquidation
- The refill whale: twelve top-ups in 27 days
- The ZEC bear: minus $32M and a wall at 78,000
Evidence and limits
Wallets: 0x5b5d51203a0f9079f8aeb098a6523a13f298c060 and 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36. Every number comes from Hyperliquid public records: positions, spot balances, fills and 16,170 funding payments.
The mechanism is proven for HYPE only. That coin's spot sits on the same exchange, so both legs are visible side by side. For bitcoin, ether and Solana there is no spot on Hyperliquid: it may be on a centralised exchange or another chain, where we cannot see it. We are showing a signature, not the full book.
We do not know who is behind the addresses or whether this is one desk. We do know both accounts opened in the same week of February 2025, hold the same set of coins and the same leverage. There are no direct transfers between them in the records.
The 49-60% share is measured across the 248 large wallets our snapshot follows, not across the whole exchange.
Outside trackers have described both addresses before: the first as the most profitable on the exchange, the second under the name Abraxas with the suggestion that its shorts hedge a spot book. We have not verified those names.
A journal of the system's decisions, not investment advice. A reconstruction from public Hyperliquid data; the names of the address owners are given as other sources report them and we have not verified them. Describing the mechanism is not a recommendation to repeat it: it needs capital for both legs, access to spot, and it has to survive months when funding runs against you.