SAGA

Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and Hyperliquid is 0.471% cheaper against Kraken Futures than usual: you would sell low and buy high (−$47 if the spread goes back to its 7-day average of −0.159%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.070%, 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 7 days it paid 1.070% in total (about 55.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.94 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.