Top Beneficiary of CXMT Funding Fees Earns a 'Monthly Salary' of $2.2 Million, Future Monthly Returns Still at 73%

BlockBeats News, August 18, according to TradingBeats monitoring, the largest long position holder of ChangXin Memory Technologies (CXMT), 0x9a80, has maintained a position for approximately 34 consecutive days since opening on July 15. Currently, they are holding a 5x leveraged long position of 1.531 million CXMT contracts, with a position value of approximately $13.221 million and an average entry price of $6.62. The unrealized profit is about $3.093 million. During the holding period, this whale has accumulated net funding fees of approximately $2.198 million, with total profits reaching about $5.458 million, of which around 40% is contributed by funding fees. Based on the current margin, their 34-day comprehensive return rate is approximately 269.5%. Notably, the funding fees alone have earned 108.5% of the standard margin, corresponding to a 30-day funding fee return of about 95.8%. Over the past 30 days, the cumulative hourly funding fee for CXMT has been approximately -17.8%. If the position remains unchanged, a 1x long position could achieve a nominal return of about 17.82% solely from funding fees. The negative funding rate is still ongoing. As of the time of writing, the CXMT funding rate is approximately -0.1023% per hour. If extrapolated statically, the monthly funding fee return could reach about 73.7%. Currently, the total open interest (OI) for CXMT across the market is approximately $66.904 million. On the other side, the largest short position holder, 0xf292, holds a position worth about $25.05 million, accounting for approximately 37.4% of the OI. Since opening their position, they have cumulatively paid about $3.865 million in funding fees. In CXMT's long-term negative funding rate environment, this whale is effectively 'paying salaries' to the entire long position camp, with 0x9a80 being the biggest beneficiary. [Original Link]