Funding Rate on Hyperliquid for ChangXin Memory Technologies (CXMT) Reaches -0.1775%, Short Interest Cost over 1500% Annually

as of July 27, the funding rate of the CXMT-USDC perpetual contract on Hyperliquid is currently -0.1775%, corresponding to an annualized funding rate of about -1552.44%.

A negative funding rate means that shorts have to pay funding to longs. In simple terms, if a trader holds a CXMT short position with a notional value of 10,000 USDC, based on the current funding rate, the trader would have to pay approximately 17.75 USDC for each funding payment; if this rate is maintained long-term, the annualized funding cost will reach about 1552%, theoretically resulting in funding costs of over $150,000 for holding a $10,000 short position for a year.