SYRUP

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Gate is 0.022% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.226%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.444% in total (about -23.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.