Where I changed my view wasn’t the drop—it was the cost of holding. $CXMT has a mark price of 5.833, down 5.77% over 24 hours, while the 4-hour funding rate has reached -0.1321%. Shorts have to pay to keep their positions open. 24-hour trading volume is $23.57 million; trading hasn’t stopped, and the funding rate is already signaling crowded positioning. There are 163 minutes until the next settlement. I’ll first watch to see whether the funding rate recovers from such a deeply negative level.
#资金费率 #合约