SMCI

Funding pays, the price is against you. Paragon is 0.142% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.125% now, against its 7-day average of +0.017%). If the spread goes back, that is −$14 on $10k: about 8 hours of funding at the current rate (+$42 a day). Mind the row above: over the last 3 days funding on this pair cost −0.091%, so the current rate has only just turned in your favour. The two prices were read 57 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 -0.091% in total (about -9.7% 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.