CXMT Long-Term Negative Funding Rate Reverses, Largest Short Squeeze with $10 Million Loss

BlockBeats News, September 1st, according to TradingBeats (formerly Hyperinsight) monitoring, as of the time of writing, CXMT dropped from around $8.813 to $8.369, with a nearly 5.03% decrease in the past 4 hours. As a result, the unrealized loss of the largest CXMT short position decreased from around $6.69 million to $5.4036 million, a reduction of approximately $1.29 million.

The short position currently holds 2.9006 million CXMT, with an average entry price of $6.505, and a position value of around $24.2723 million. Despite the significant narrowing of the unrealized loss, it has still accumulated funding fees of approximately $4.5895 million since the position was opened, making the total of unrealized loss and funding cost about $9.9931 million.

Prior to this, the CXMT funding rate has been consistently negative, with the past 30-day hourly rate accumulating to around -12.31%, with shorts continuously paying funding fees to longs. However, starting from today at 5:00, the latest settled rate has been positive for 7 consecutive hours, with the 11:00 settlement value at +0.000625%.

In the last 4 hours, the CXMT contract's open interest (OI) has increased from 6.9256 million contracts to 6.9467 million contracts (+0.30%); the USD-caliber OI has decreased from $61.03 million to $58.1164 million (-4.78%), mainly influenced by the price drop.