NBIS

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Gate is 0.211% cheaper against BloFin than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.011%). Swap the legs. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.010% in total (about 0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.67 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.