CXMT Funding Rate Hits -0.59% Hourly, Short Positions Dominate by 40%

CXMT funding rate plunged to -0.59% hourly, imposing heavy costs on shorts. Despite a 1.2 long-short holder ratio, short notional value exceeds longs by 40%, signaling persistent bearish pressure.

Woofun AI data shows that the CXMT predicted funding rate dropped to -0.5887% per hour, meaning short positions pay longs. For a $10,000 nominal position, this equates to approximately $58.9 in hourly costs. The rate has since rebounded to -0.4731% per hour, corresponding to a $47.3 hourly payment for the same position size. If maintained until settlement, this rate would be lower than the previous record low settled rate of -0.3746%. The average rate for the past 24 settled hours stands at -0.0813%, with a cumulative payment of around $195 for a $10,000 short position.

The current CXMT mark price is approximately $6.72, reflecting a 6.6% discount from the $7.19 oracle price, while 24-hour trading volume reached roughly $166 million. Among large holders with positions exceeding $1 million, there are 6 longs and 5 shorts, yielding a holder ratio of 1.2 to 1.

However, the total short position amount is $25.438 million, which is 40.4% larger than the long position amount of $18.122 million. The weighted average long position price is around $6.58, with the most recent liquidation line at $6.24, representing a 6.9% decrease from the current price of approximately $6.70.