CXMT's biggest short burns $3.96M in funding to keep the trade alive
AI Market Summary
On-chain data show the largest CXMT short has paid $3.96M in funding to maintain ~$24.77M notional exposure, with daily carry near $460k and unrealized losses approaching $10M. The negative carry implies sustained demand to stay short is expensive, raising the probability of forced de-risking if conditions persist. A ~45-day runway at current rates highlights near-term positioning stress and potential volatility around the cited liquidation level.
Impact level
● Medium
Affected assets
NCSKCXMT2USD/USDT-3.95%
AI Insight · NCSKCXMT2USD/USDTAI Insight
▲ Bullish
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HuoXing Finance reported that on Aug. 18, on-chain analyst Aunt Ai (@ai_9684xtpa) said the largest address holding a short in CXMT has already paid $3.96 million in funding fees to maintain the position. The address currently has $24.77 million in short exposure, with funding costs estimated at about $460,000 per day and cumulative unrealized losses approaching $10 million.
Based on current assumptions—a flat CXMT price and unchanged funding rates—the position's margin of more than $20 million would be exhausted in roughly 45.5 days. The estimated liquidation price is $15.466.
