CXMT’s long-term negative funding rate has turned positive, potentially bringing a turnaround for the largest short seller that suffered a $10 million loss.
51 minutes ago
According to monitoring data from TradingBeats (formerly Hyperinsight), as of press time, CXMT has dropped from around $8.813 to $8.369, a 5.03% decline in the past four hours. Affected by this, the unrealized loss of CXMT’s largest short position has narrowed from approximately $6.69 million to $5.4036 million, a reduction of about $1.29 million. This short position currently holds 2.9006 million CXMT contracts, with an average entry price of $6.505, and the position’s value stands at roughly $24.2723 million. Although the unrealized loss has narrowed significantly, the trader has cumulatively paid around $4.5895 million in funding fees since opening the position; combining the unrealized loss and funding fee costs, the total amounts to approximately $9.9931 million. Previously, CXMT’s funding rate had been persistently negative, with an accumulated hourly rate of about -12.31% over the past 30 days, meaning shorts continuously paid funding fees to longs. However, since 5:00 today, the latest settled rate has been positive for seven consecutive hours, with the 11:00 settlement value at +0.000625%. In the past four hours, CXMT’s contract open interest (OI) has increased from 6.9256 million contracts to 6.9467 million contracts (+0.30%); in dollar terms, OI has decreased from $61.0335 million to $58.1164 million (-4.78%), mainly due to the price drop.
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