Hyperliquid长鑫(CXMT)funding rate hits -0.1775%, short annualized cost exceeds 1500%

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Mars Finance news: As of July 27, at the time of publication, the current funding rate for the CXMT-USDC perpetual contract on Hyperliquid is -0.1775%, corresponding to an annualized funding rate of approximately -1,552.44%. A negative funding rate means that shorts need to pay funding fees to longs. Simply put: if a trader holds a CXMT short position with a notional value of $10k USDC, based on the current funding rate, each funding settlement would require paying about 17.75 USDC. If this rate remains in effect long-term, the annualized funding cost would reach approximately 1,552%; in theory, holding a $10k short position for a year would pay funding fees exceeding $150k.
CXMT12.05%
USDC-0.08%
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