Crypto trading firms such as Abraxas Capital, Fasanara Capital and Wintermute have increased short perpetual futures positions on Hyperliquid and are withdrawing spot crypto from exchanges, generating yield through cash‑and‑carry trades as Bitcoin funding rates have risen.

The funding rates, which were low or negative earlier in the year, turned positive after Bitcoin’s price rose from around $62,000 to over $77,000 in a short period, reviving the basis trade that had been largely inactive.

Collectively, the three firms hold short positions of 138,569 ETH (about $338 million) and 3,425 BTC (about $265 million) on Hyperliquid, while Abraxas Capital withdrew 73,872 ETH (about $173 million) from Binance in the past four days. Funding rates are roughly 0.01% per eight hours, translating to an annualized yield of about 6.7% for Bitcoin and 8.7% over the past week.

Open interest on CME Bitcoin futures increased from roughly 87,000 BTC to 122,000 BTC, and CryptoQuant data shows some hedge funds have flipped net long on Bitcoin futures, a rare shift for that cohort.

The resurgence of positive funding provides low‑risk yield in a market that previously offered limited returns, though the strategy remains vulnerable to rapid price swings and potential squeezes.