CXMT contract slides more than 11% in an hour

CXMT perpetuals on trade.xyz fell over 11% in one hour to around $7.60 alongside a sharp rise in volume ($11.16m) and open interest ($9.15m), signaling a disorderly unwind and elevated liquidation risk in that single-name contract. The move is idiosyncratic and venue-specific, with limited read-through to broader crypto unless it triggers broader risk reduction or cross-margin stress among active derivatives traders.