TAO

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and RISEx is 0.052% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.065%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.124%, 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 0.124% in total (about 13.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.82 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.