PENDLE

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Kraken Futures is 0.470% cheaper against Coinbase International than usual: you would sell low and buy high (−$47 if the spread goes back to its 7-day average of +0.073%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.291%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.291% in total (about 15.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.34 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.