CXMT negative funding rate deepens to -0.2430% as top long nears $1 million in cumulative funding income

CXMT traded at $7.8020 on Aug. 3, up about 5.13% over 24 hours, as its perpetual futures market remained heavily tilted in favor of longs through deeply negative funding. HyperInsight data showed the current hourly funding rate had fallen further to -0.2430%, implying a simple annualized return of about 2129% if held static. At that rate, a $10,000 short would pay about $24.3 per hour in funding, while a long would receive the same amount, or about $583.3 over 24 hours. The latest readings showed the main beneficiary of this funding structure was a large long address beginning with 0x9a8. Since the morning of July 15, the wallet has completed 183 CXMT funding settlements and collected about $991,400 in net income, equal to roughly 45.9% of its initial capital. The address currently holds a 5x isolated long of 1.6332 million CXMT worth about $12.742 million, built at an average entry price of $6.6156. With CXMT around $7.80, the position was showing an unrealized profit of about $1.938 million, or 89.7%, and had a liquidation price of just $0.507. If the current -0.2430% hourly funding rate holds, that position would earn about $31,000 in the next hour and roughly $743,000 over 24 hours. HyperInsight also showed the contract's oracle price at about $8.1941, leaving CXMT futures at a 4.79% discount, a sign that persistent short demand was continuing to boost funding income for longs. As of publication, 24-hour trading volume stood at about $17.277 million and open interest at about $76.90 million. The same whale had also left seven non-reduce-only buy orders between $6.01 and $6.41 for another 98,000 CXMT worth about $609,000, indicating it had not moved to realize gains on the existing long.