TAO

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Phoenix is 0.032% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.104%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.140%, 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 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.