TAO

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phoenix is 0.099% cheaper against Backpack than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.089%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.115%, so the current rate has only just turned against you. The two prices were read 80 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 0.115% in total (about 6.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.