CXMT's largest short position remains under mounting pressure as persistent negative funding continues to make the trade expensive to hold. A new Aug. 18 on-chain update from analyst Ai Yi said the biggest short address has now paid $3.96 million in funding, is carrying a $24.77 million short position, and is paying an estimated $460,000 a day if current funding conditions persist. The address's cumulative unrealized loss was described as approaching $10 million. Earlier market data had already shown CXMT near prior highs and funding deeply negative, meaning shorts were paying longs in the perpetual futures market. The largest short, previously identified as wallet 0xf292, was reported on Aug. 17 with about 2.9 million CXMT sold short and total losses above $11 million when unrealized losses and funding costs were combined. On the long side, wallet 0x9a80 was reported to have benefited from the same structure, holding a 5x leveraged long that had generated both mark-to-market gains and substantial funding income. The latest estimate sharpens focus on how funding alone can erode margin even without a fresh price surge. Ai Yi said that if CXMT's price stays roughly flat and the funding rate does not change, more than $20 million of margin posted against the short could be exhausted in about 45.5 days. The position's liquidation price was given as $15.466, underscoring how extended negative funding can pressure heavily concentrated shorts while transferring value to longs.