SNXX

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and BloFin is 0.144% cheaper against Phemex than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.029%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.516%, so the current rate has only just turned against you. The two prices were read 59 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 0.516% in total (about 26.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$14.58 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.