PENDLE

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and ApeX Omni is 0.122% cheaper against Variational Omni than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.078%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.053%, 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 0.053% in total (about 5.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.