CXMT

Both sides work against this trade now: funding costs −$54 a day on $10k at the current rate, and tradeXYZ is 0.027% cheaper against Popdex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.144%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.090%, 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 0.090% in total (about 8.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.24 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.