POPCAT

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.201% cheaper against ApeX Omni than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.138%). Swap the legs. The two prices were read 88 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 3 days it paid -0.003% in total (about -0.3% 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.