NEIRO

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and Hyperliquid is 0.366% cheaper against Kraken Futures than usual: you would sell low and buy high (−$37 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 50 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 7 days it paid -0.261% in total (about -13.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.89 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.