NFLX

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 5.598% cheaper against Injective than usual: you would sell low and buy high (−$560 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.146%, so the current rate has only just turned against you. The two prices were read 65 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 0.146% in total (about 7.6% 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.