Hyperinsight data shows CXMT’s hourly funding rate has dropped to -0.2430%. A negative funding rate means shorts pay longs, and a static calculation at the current rate points to a simple annualized return of about 2,129%.
On a $10,000 position, shorts would pay about $24.3 per hour, with longs receiving the same amount. If the rate stayed in place for 24 hours, the funding payment would come to about $583.3.
The largest CXMT long has booked about $991,400 in net funding income
The biggest long position in CXMT, held by an address beginning with 0x9a8, has been one of the main beneficiaries of the latest negative funding cycle. Records show the wallet has completed 183 CXMT funding settlements since the morning of July 15, generating cumulative net income of about $991,400. That equals roughly a 45.9% return on the capital used to build the position.
The whale is currently long 1.6332 million CXMT on 5x isolated margin. The position is worth about $12.742 million, with an average entry price of $6.6156. With CXMT quoted at $7.80, the position is sitting on an unrealized gain of about $1.938 million, or 89.7%. The liquidation price is $0.507.
Static estimate puts the next hour’s funding income at about $31,000
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. If that level were to persist for 24 consecutive hours, the payout would be about $743,000.
As of publication, CXMT was trading at $7.8020, up about 5.13% over the past 24 hours. Trading volume stood at about $17.277 million, while open interest was about $76.90 million. Its oracle price was around $8.1941, leaving the contract at a 4.79% discount. Short demand continues to lift funding income for longs.
The whale still has seven buy orders placed and has not taken profit
The same whale currently has seven non-reduce-only buy orders sitting 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 holder has not chosen to realize gains on the existing long position.