Whale Faces Over $11M Loss on CXMT Short Position Due to Cumulative Funding Fees

A large cryptocurrency whale, identified by the address 0xf292, is facing significant unrealized losses on a short position in CXMT, according to on-chain analyst The Data Nerd.

The whale's short position involves 2.9 million CXMT tokens valued at approximately $26.13 million, resulting in an unrealized loss of about $7.26 million so far.

However, the cumulative funding fees paid by the whale to maintain this short position have reached a substantial $3.82 million, bringing total losses to over $11 million.

Funding fees are periodic payments exchanged between long and short traders in perpetual futures contracts, designed to keep the contract price aligned with the underlying asset's spot price.