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

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 actual settlement rate at -0.1212%, and the absolute value of the negative rate has further expanded by 76.5%.

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.

An extreme negative funding rate is accompanied by significant basis. The current CXMT mark price is $7.73, with an oracle price of around $8.02, indicating a contract discount of about 3.70%. Its 24-hour trading volume is around $15.22 million, while the open interest in contracts has reached approximately $76.03 million, with the position size close to 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 long positions and 2 short positions, increasing the long-to-short ratio to 2.5:1.

However, in terms of the amount held, 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 around $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 a $22.4 million CXMT short position at 1x leverage, accounting for nearly 30% of the platform's total open CXMT contracts.

The average entry price of this short position is around $6.5, the liquidation price is about $15.9, and the current unrealized loss is approximately $3.52 million; additionally, the accumulated funding fee paid has reached around $1.72 million.