SMCI

Funding pays, the price is against you. GRVT is 0.052% cheaper against Gate than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.052%). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$45 a day). At the pace of the last 7 days (+0.084% in total) that is about 4.3 days. The two prices were read 51 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 0.084% in total (about 4.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$14.96 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.