CXMT fell from about $8.813 to $8.369 as of publication, a decline of roughly 5.03% over the past four hours, according to TradingBeats, formerly Hyperinsight. The move narrowed the mark-to-market loss of the token’s largest short position from around $6.69 million to $5.4036 million, a reduction of about $1.29 million. Even so, the trader has still paid about $4.5895 million in funding since opening the position, leaving the combined total of price loss and funding cost at roughly $9.9931 million.
The position currently stands at 2.9006 million CXMT, with an average entry price of $6.505 and a position value of about $24.2723 million. TradingBeats data also showed a change in funding conditions. After remaining negative for an extended period, with cumulative hourly funding over the past 30 days at about -12.31%, the latest settled funding rate has turned positive for seven straight hours starting at 5:00 today. The 11:00 settlement reading came in at +0.000625%.
Over the same four-hour window, CXMT contract open interest rose from 6.9256 million tokens to 6.9467 million tokens, up 0.30%. Dollar-denominated open interest, however, fell from $61.0335 million to $58.1164 million, down 4.78%, mainly because of the price decline.
CXMT fell from about $8.813 to $8.369 as of publication, down roughly 5.03% over the past four hours, according to TradingBeats, formerly Hyperinsight.
The largest short saw losses narrow
The drop narrowed the mark-to-market loss on the largest CXMT short from about $6.69 million to $5.4036 million, a reduction of about $1.29 million.
The trader currently holds 2.9006 million CXMT, with an average entry price of $6.505 and a position value of about $24.2723 million. Even with the price loss shrinking, the position has still paid about $4.5895 million in funding since it was opened, bringing the combined total of price loss and funding cost to about $9.9931 million.
Funding turned positive for seven straight hours
CXMT funding had stayed negative for a long period before this move. Over the past 30 days, cumulative hourly funding was about -12.31%, meaning shorts had continued paying longs.
That changed from 5:00 today. The latest settled funding rate has now turned positive for seven consecutive hours, with the 11:00 settlement at +0.000625%.
Open interest shifted as price fell
In the past four hours, CXMT contract open interest increased from 6.9256 million tokens to 6.9467 million tokens, up about 0.30%.
Measured in dollar terms, open interest fell from $61.0335 million to $58.1164 million, a drop of 4.78%, mainly due to the decline in price.
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