According to BlockBeats, as of July 27, the current funding rate for the CXMT-USDC perpetual contract on Hyperliquid is -0.1775%, corresponding to an annualized funding rate of approximately -1552.44%.
Negative funding rates mean that short sellers have to pay funding fees to long sellers. Simply put, if a trader holds a CXMT short position with a notional value of 10,000 USDC, based on the current funding rate, they will pay approximately 17.75 USDC in funding fees each time they settle. If this rate remains in place long-term, the annualized cost of capital will reach approximately 1552%, theoretically meaning that holding a 10,000 USD short position will incur over 150,000 USD in funding fees annually.