OP

Funding pays, the price is against you. Deribit is 0.636% cheaper against Injective than usual: you would sell low and buy high (spread −0.636% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$64 on $10k: about 26 hours of funding at the current rate (+$58 a day). At the pace of the last 7 days (+1.105% in total) that is about 4.0 days. The two prices were read 63 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 1.105% in total (about 57.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.42 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.