LDO

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Coinbase International is 0.043% cheaper against Pacifica than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.095%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.719% in total (about -37.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.39 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.