Long Position in CXMT Earns $743,000 in Funding Fees Amid 2,129% Annualized Yield

ME News report, August 3 (UTC+8): According to Hyperinsight monitoring, the current hourly funding rate for CXMT has dropped to -0.2430%. A negative rate means short positions pay long positions; at the current rate, the simple annualized yield is approximately 2,129%. With a $10,000 position, shorts pay approximately $24.30 per hour, while longs receive an equivalent amount; if the rate remains constant for 24 hours, the total funding fee would be about $583.30. The largest long position starting with 0x9a8 is the primary beneficiary of this negative funding rate. Records show that since early July 15, this address has settled 183 CXMT funding payments, accumulating a net income of approximately $991,400—equivalent to a return of about 45.9% on its initial capital. This whale currently holds a 5x isolated long position of 1,633,200 CXMT tokens, with a position value of approximately $12.742 million and an average entry price of $6.6156. CXMT is currently trading at $7.80, resulting in an unrealized profit of about $1.938 million (89.7%), with a liquidation price of only $0.507. Based on the current position and the -0.2430% funding rate, this whale is projected to receive approximately $31,000 in funding fees in the next hour; if sustained for 24 consecutive hours, this would amount to approximately $743,000. The whale still has seven non-"reduce-only" buy orders placed between $6.01 and $6.41, intending to purchase an additional 98,000 CXMT tokens with a notional value of approximately $609,000, and has not yet chosen to realize profits on its existing long position. (Source: ODAILY)