SKY

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Variational Omni is 0.127% cheaper against Gate than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.029%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.065%, 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 3 days it paid 0.065% in total (about 6.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.96 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.