MORPHO

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GRVT is 0.180% cheaper against Variational Omni than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.048%). Swap the legs. The two prices were read 74 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 4 days it paid -0.109% in total (about -11.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.35 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.