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Funding pays, the price is against you. BloFin is 0.191% cheaper against MEXC than usual: you would sell low and buy high (spread −0.178% now, against its 7-day average of +0.013%). If the spread goes back, that is −$19 on $10k: about 10 hours of funding at the current rate (+$44 a day). Mind the row above: over the last 7 days funding on this pair cost −0.256%, so the current rate has only just turned in your favour. The two prices were read 94 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 -0.256% in total (about -13.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$7.41 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.