When CXMT faced an extreme funding rate of -0.21%, a single short position accounted for 30% of the total open interest on the platform

BlockBeats News, August 3rd, according to Hyperinsight monitoring, CXMT is currently trading at $7.73, with a 24-hour increase of about 4.15%. However, its current hourly funding rate has dropped to -0.2139%, with the previous hour's realized funding rate at -0.1212%, a 76.5% increase in the absolute value of the negative rate. As of the time of writing, it is still expanding further.

If the current rate remains unchanged, holding a $10,000 CXMT short position will require a payment of approximately $21.4 funding fee per hour, totaling about $171.1 over 8 hours and around $513.4 over 24 hours.

The extreme negative rate is accompanied by significant discount. CXMT's current mark price is $7.73, with an oracle price of around $8.02, representing a discount of about 3.70% to the oracle. It has a 24-hour trading volume of about $15.22 million, while the open interest reaches around $76.03 million, with the position size nearly 5 times the daily trading volume.

CXMT currently has 1072 long addresses and 823 short addresses, with a long-to-short ratio of about 1.3:1. Among whales with holdings exceeding $1 million, there are 5 longs and 2 shorts, raising the whale long-to-short ratio to 2.5:1.

However, in terms of the holding amount, the whale long-to-short ratio is about 0.94:1, with short positions still exceeding long positions by about 6.5%. The whale long weighted average entry price is about $6.92, while the short weighted average entry price is about $6.53, with both sides currently in varying degrees of unrealized losses.

Monitoring shows that short positions are mainly concentrated in addresses starting with 0xf29. This address holds approximately $22.40 million CXMT short with 1x leverage, accounting for nearly 30% of the total platform's open CXMT contracts.

The average entry price of this short position is about $6.5, with a liquidation price around $15.9, resulting in an unrealized loss of approximately $3.52 million; additionally, the cumulative funding fee paid has reached about $1.72 million.