CXMT's biggest short seller loses over $11.5 million, may still need to pay $160,000 in funding fees daily.

September 23, according to TradingBeats monitoring, the CXMT contract on Hyperliquid rose to $9.0063 this morning, rebounding about 14.5% from its September 2 low, and is only about 1.7% away from its all-time high of $9.1654 since launch.

At the same time, the CXMT funding rate turned negative again, currently about -0.0269% per hour, or about -0.646% on a simple daily basis, meaning shorts will again need to pay relatively high holding fees to longs.

CXMT's largest short position (0xf292) holds about $25.259 million in short orders, with an average price of about $6.505, and an unrealized loss of about $6.391 million. It has cumulatively paid about $5.213 million in net funding fees, and actually paid about $46,000 in the past 24 hours.

If the current funding rate remains unchanged, this address is expected to pay about $6,825 per hour, or about $164,000 per day.