CXMT hits an extreme hourly funding rate of -0.21%, with one short position accounting for 30% of the platform’s total open interest.

According to Hyperinsight monitoring, CXMT is currently trading at $7.73, up around 4.15% in the past 24 hours. However, its current hourly funding rate has fallen to -0.2139%, with the actual settlement rate for the previous hour at -0.1212% — the absolute value of the negative rate has expanded by 76.5%. If the current rate remains unchanged, holding a $10,000 CXMT short position will require paying approximately $21.4 in funding fees per hour, totaling about $171.1 over 8 hours and $513.4 over 24 hours. This extreme negative rate is paired with a notable discount: CXMT’s current mark price is $7.73, while the oracle price stands at roughly $8.02, meaning the contract trades at a ~3.70% discount to the oracle. Its 24-hour trading volume is around $15.22 million, and open interest (OI) reaches approximately $76.03 million, with the position size nearly 5 times the daily trading volume. CXMT currently has 1,072 long addresses and 823 short addresses, giving a long-short ratio of ~1.3:1 by account count. Among large holders with positions exceeding $1 million, there are 5 long addresses and 2 short addresses, pushing the count-based long-short ratio to 2.5:1. However, by position value, the large holder long-short ratio is ~0.94:1, meaning short positions still outpace longs by about 6.5%. The weighted average entry price for large long positions is ~$6.92, while that for large short positions is ~$6.53, with both sides currently sitting at varying degrees of unrealized loss. Monitoring shows short positions are mainly concentrated in an address starting with 0xf29. This address holds ~$22.4 million in CXMT short positions with 1x leverage, accounting for nearly 30% of the platform’s total CXMT OI. The average entry price of this short is ~$6.5, with a liquidation price of $15.9, resulting in an unrealized loss of roughly $3.52 million so far; it has also paid around $1.72 million in cumulative funding fees.