On August 10, on-chain analyst Ai Yi revealed that the largest CXMT short whale has paid $3.078 million in cumulative funding fees and is currently facing a floating loss of about $2.255 million. The position consists of roughly $21.12 million in 1x leveraged CXMT shorts, with an entry price of approximately $6.50. As CXMT’s price advanced to $7.28, the unrealized loss widened. According to Ai Yi, this position previously posted more than $40 million in margin, so the liquidation price of $15.466 remains a distant trigger. However, the ongoing accumulation of funding costs is steadily eating into the trader's equity. Market observers speculate that the trader may still be betting on a significant price correction in CXMT to offset the current losses and achieve profitability. The data highlights the pressure on heavily levered short positions as funding expenses compound alongside adverse price movement.
On August 10, on-chain data tracker Ai Yi said the biggest short position on CXMT has racked up $3.078 million in funding fees. At the same time, that open short is sitting on a floating loss of about $2.255 million.
Ai Yi said the whale is holding roughly $21.12 million in 1x leveraged CXMT shorts, entered at around $6.50. Since then, the token has climbed to $7.28. That move has pushed the position into an unrealized loss of about $2.255 million. Earlier, the trader put up more than $40 million in margin for the trade, which still leaves a sizable cushion before the liquidation price at $15.466.
But the funding bill keeps growing, and that is eating into the position’s carrying value. Some market watchers think the trader may stick with the bet and wait for a sharp CXMT pullback. Simple idea: cover the current losses and, if it works, turn the trade profitable.
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