ChangXin Memory Technologies (Derivatives) (CXMT)

$CXMT was a generational long 🔥

Time to long Minimax?

CXMT's biggest short is getting crushed. The #1 CXMT short on Hyperliquid is now sitting on a massive $3.06M unrealised loss.

The whale behind 0xf292 currently holds 2.6M CXMT, worth around $19.85M, with an average entry price of $6.4083.

And the funding costs are starting to hurt too. After the price feed switched to real trading prices, the funding multiplier returned to 0.5. In just 2 hours, the trader has already paid around $45K in funding fees.

If this was simply a hedge, you'd expect the position to have been closed much earlier. So the big question is:

Why is this whale still holding the short while the losses and funding costs keep piling up?

Address: 0xf2925cb0779a741fe33037cbd88fca5382e41244