Largest CXMT Short Fully Closed After $10.98M Loss
The largest tracked short position in ChangXin Technology (CXMT) has reportedly been fully closed after roughly two months, locking in a total loss of about $10.98 million.
On-chain monitoring cited by Ember and Yujin shows that wallet 0xf2925cb0779a741fe33037cbd88fca5382e41244 exited its remaining CXMT short position. The reported loss includes approximately $5.18 million in funding fees and $5.8 million from adverse price movement.
Note: Your figure of $10.79M appears in some earlier references, but the latest Oct. 3 reports put the final loss at $10.98M.
What Happened?
The trader opened the short position around $6.50 shortly before CXMT began trading, betting that the asset would decline.
Instead, CXMT remained above the entry level and eventually traded around $8.50, forcing the trader to close the position at a significant loss.
Key Numbers
| Metric | Reported figure |
|---|---|
| Wallet | 0xf292...244 |
| Initial short | ~2.9M CXMT |
| Entry price | ~$6.50 |
| Exit price | ~$8.50 |
| Holding period | ~2 months |
| Price-related loss | ~$5.80M |
| Funding fees | ~$5.18M |
| Total reported loss | ~$10.98M |
| Remaining position | Fully closed |
Funding Costs Added to the Loss
Funding fees became a major component of the trade's cost.
Earlier monitoring showed the wallet had already paid more than $5.2 million in funding fees while maintaining the short. At one point, negative funding rates meant short sellers were paying longs to maintain their positions.
The final reported figures show funding accounted for nearly half of the overall loss.
From Partial Exit to Full Closure
The wallet had previously started reducing its position after holding the short for approximately two months.
Earlier reports showed the trader still holding roughly 2.63–2.65 million CXMT, worth around $22.5 million, after realizing losses of approximately $10.9 million on the position.
The latest update indicates that the remaining short has now been closed.
Why the Trade Matters
The CXMT position highlights two risks associated with leveraged perpetual markets:
- Price movement: A short position loses value when the underlying asset rises.
- Funding costs: Holding a losing perpetual position for an extended period can significantly increase the eventual loss.
- Position duration: Even without liquidation, prolonged adverse price action can make a trade increasingly expensive.
- Stop-loss execution: Closing at a predetermined level can crystallize a large loss but limit further exposure.
The reported $10.98 million figure should be understood as the loss associated with this tracked position and funding costs, rather than evidence of a liquidation or loss of the entire trader's account.
What Investors Should Watch
Attention will now shift toward CXMT price action, derivatives open interest and funding rates. Changes in these metrics can indicate whether traders are rebuilding large long or short positions.
The wallet itself currently shows no open perpetual position on CoinGlass.
FAQ
Who held the largest CXMT short?
The position was associated with wallet 0xf2925cb0779a741fe33037cbd88fca5382e41244, according to on-chain monitoring reports.
How much did the trader lose?
The latest reports put the total loss at approximately $10.98 million, including $5.18 million in funding fees and $5.8 million in price losses.
How large was the original short?
The position was approximately 2.9 million CXMT at an entry price near $6.50.
Is the short still open?
No. The latest Oct. 3 reports state that the position was fully closed.
Final Take
The CXMT short went from an approximately $18.85 million initial position into a prolonged losing trade as the asset stayed above the $6.50 entry level. After roughly two months, the trader closed the remaining position, with reported cumulative losses reaching $10.98 million.
The case also demonstrates how funding costs can materially increase losses when a derivatives position remains open for an extended period.
