CXMT Funding Rate Drops 76.5% as Single Whale Short Dominates 30% Open Interest

Extreme negative funding and deep discounts signal bearish pressure on CXMT, with one address holding 30% of total open interest in short positions despite mounting losses.

Woofun AI data shows that CXMT trading price stands at $7.73, reflecting a 24-hour increase of approximately 4.15%, while the hourly funding rate has declined to -0.2139%. This represents a 76.5% rise in the absolute value of the negative rate compared to the previous hour’s realized rate of -0.1212%, with further expansion ongoing. Maintaining a $10,000 short position incurs roughly $21.4 in hourly fees, totaling approximately $513.4 over 24 hours if rates persist.

The asset trades at a 3.70% discount to its oracle price of $8.02, with open interest reaching $76.03 million against a 24-hour volume of $15.22 million. While retail long-to-short ratios stand at 1.3:1, whale holdings exceeding $1 million show a weighted long-to-short ratio of 0.94:1, with shorts leading by 6.5%. A single address starting with 0xf29 holds $22.40 million in 1x leveraged shorts, comprising nearly 30% of platform open interest. This position, entered at an average price of $6.5, faces an unrealized loss of $3.52 million and cumulative funding payments of $1.72 million, with a liquidation price near $15.9.