CRO

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and BloFin is 0.380% cheaper against Variational Omni than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of −0.064%). Swap the legs. The two prices were read 86 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.005% in total (about 0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.56 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.