CXMT Long Funding Rate Hits 2130% APY, Allowing a Whale to Earn $740,000 in a Single Day

August 3rd, according to Hyperinsight monitoring, the current hourly funding rate of CXMT has dropped to -0.2430%; based on the current rate, the simple annualized yield is approximately 2129%.

Calculating with a $10,000 position, shorts need to pay about $24.3 per hour, while longs receive an equivalent income; if the rate is maintained for 24 hours, the corresponding funding fee would be about $583.3.

The largest long position holder of CXMT starting with 0x9a8 is the main beneficiary of this round of negative rates. Records show that since early morning on July 15th, it has completed a total of 183 CXMT funding fee settlements, with a cumulative net income of about $991,400, representing a return of approximately 45.9% of the initial investment.

The whale currently has a 5x leveraged long position of 1,633,200 CXMT, with a position value of about $12.742 million and an average entry price of $6.6156. CXMT is currently trading at $7.80, with an unrealized gain in the position of about $1.938 million (89.7%), and a liquidation price of only $0.507.

Based on the current position and a -0.2430% fee rate, the whale can earn about $31,000 in funding fees in the next hour; if maintained continuously for 24 hours, this would correspond to about $743,000.

As of the time of writing, CXMT is trading at $7.8020, up approximately 5.13% in the past 24 hours, with a trading volume of about $17.277 million and open interest value of about $76.90 million. Its oracle price is around $8.1941, and the contract is still at a 4.79% discount, driving further demand for short positions and increasing funding fee income for longs.

The whale still has 7 non-"reduce-only" buy orders ranging from $6.01 to $6.41 for a total of 98,000 CXMT, with a nominal amount of about $609,000 planned to be bought, and has not yet chosen to cash out its existing long position.