Funding fees are quietly eating this guys 0xf292 is short 2.9M CXMT ($26.13M), now down over $11M: $7.26M in unrealized losses $3.82M in funding fees That second line is the story. $3.82M gone not because the trade moved against him, but just to keep the position open. A short like this bleeds even when the market sits still.(The Data Nerd)