NBIS

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Vest is 0.081% cheaper against Phoenix than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.337%). Swap the legs. The two prices were read 58 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 4 days it paid -0.118% in total (about -11.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.41 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.