According to ChainCatcher, Hyperinsight monitoring shows that CXMT’s hourly funding rate has dropped to -0.2430%. A negative funding rate means shorts pay longs. On a static basis, that works out to a simple annualized return of about 2129%.
On a $10,000 position, shorts would pay about $24.3 per hour, while longs would receive the same amount. If that rate were maintained for 24 hours, the funding payment would total about $583.3.
0x9a8 address stands out as the main beneficiary
Data tracked by Hyperinsight shows the largest CXMT long, an address beginning with 0x9a8, has been the main beneficiary of the current negative funding cycle. Records show that since the morning of July 15, the address has completed 183 CXMT funding settlements, generating cumulative net income of about $991,400. That figure equals roughly a 45.9% return on the capital used to open the position.
Current position and unrealized gains
The whale is currently holding a 5x isolated long in 1.6332 million CXMT, with position value of about $12.742 million and an average entry price of $6.6156. CXMT was quoted at $7.80 at the time of the report, putting the position’s unrealized profit at about $1.938 million, or 89.7%. The liquidation price was listed at $0.507.
Funding income could reach about $31,000 in the next hour
Based on the current position size and the -0.2430% funding rate, the whale could collect about $31,000 in funding over the next hour under a static estimate. If the rate were to remain unchanged for 24 consecutive hours, that would amount to roughly $743,000.
The address also still has seven non-reduce-only buy orders placed between $6.01 and $6.41, with plans to buy another 98,000 CXMT. The notional value of those orders is about $609,000. The whale has not chosen to realize the gains on its existing long position.