Whale Who Bet on a Two-Month Decline Is Down $11 Million, Trims Biggest Short!
Lookonchain reported that the whale it identified as holding the largest short position in the CXMT market has started reducing its position after two months. According to the post, total losses, including funding costs, have reached $10.91 million.
The address beginning with 0xf292 has not fully closed its short position, which is intended to profit from a price decline. The source’s screen still shows a CXMT short worth about $22.5 million, totaling 2.65 million units.
xyz:CXMT is not an altcoin; it is a CXMT-linked derivatives market on Hyperliquid. In its earlier [CXMT reports](https://www.lookonchain.com/feeds/65496), Lookonchain described this market as a stock futures contract linked to chipmaker Changxin Technology. Therefore, this is not a spot token sale, but a reduction in an open short position.
About half the loss comes from funding costs
About $5.25 million of the $10.91 million in total losses reported by Lookonchain comes from funding fees. Funding is a periodic payment that can accrue while holding a position in these types of futures contracts.
The open position screen also shows about $5.28 million in position losses. This figure and the funding amount do not have the same scope as the combined profit-and-loss figure for the overall account; the full $10.91 million should not be interpreted as a realized loss from closing the position.
The shared position row shows an entry price of $6.505 and a price of $8.5003 at the time. The price rising above the entry level has put the short position in the red, while funding costs have further increased the total loss. Reducing the position does not mean the whale has opened a long position or been liquidated.