TAO

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Katana Perps is 0.056% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.017%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.078%, 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 4 days it paid 0.078% in total (about 7.9% 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.