MUBARAK

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and Kraken Futures is 0.469% cheaper against Variational Omni than usual: you would sell low and buy high (−$47 if the spread goes back to its 7-day average of −0.085%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.088%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.088% in total (about 8.4% a year). A funding rate is set anew for every payment. 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.