CXMT

Both sides work against this trade now: funding costs −$51 a day on $10k at the current rate, and tradeXYZ is 0.498% cheaper against Lighter than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of −0.151%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.150% in total (about -7.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.14 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.