Abraxas Capital’s whale arbitrage strategy achieved an annualized return on gold of 25.9%, with a 10.2% return already recorded from funding rates.

According to Hyperinsight’s monitoring, Abraxas Capital—a major whale that has long employed hedged short positions on gold-related assets to arbitrage funding rates—currently holds a 5x-leveraged short position with an initial margin of approximately USD 3.51 million. The position has been open for 144 days and maintained at roughly the same size throughout. Cumulative funding rate settlements during this period have totaled USD 359,000—about 10.2% of the initial margin. Excluding minor position adjustments, its annualized return is approximately 25.9%.