EWY

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and SunX is 0.192% cheaper against OKX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.83 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.