A short position held for two months, losing $10.98 million, with $5.18 million purely wasted on funding fees. The story starts at the end of July. ChangXin Memory Technologies (CXMT) was about to debut on Hyperliquid's Pre-IPO market. The day before its listing, one address bet that the price would tank as soon as trading began. So, they opened a short position of 2.9 million shares at $6.50, with a notional value of $18.85 million. At the time, this was the largest short position in the entire CXMT market. But after the market opened, CXMT's price never dropped, not even once. The trader refused to cut their losses and held on for two months, bleeding funding fees day by day, which eventually totaled $5.18 million. Early this morning, they closed the position in batches using TWAP, with a final exit price of $8.50. The price loss amounted to $5.8 million, and the funding fees over the two months added up to $5.18 million, making a total loss of $10.98 million. The $5.8 million lost from betting in the wrong direction is almost the same as the $5.18 million wasted on holding the position for two months. The transaction is still on-chain for anyone to verify, address 0xf292…1244. https://(hyperdash.com)/address/0xf2925cb0779a741fe33037cbd88fca5382e41244