SPX

Both sides work against this trade now: funding costs −$61 a day on $10k at the current rate, and Bybit is 0.578% cheaper against Kraken Futures than usual: you would sell low and buy high (−$58 if the spread goes back to its 7-day average of −0.196%). Swap the legs. The two prices were read 55 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 -0.714% in total (about -37.3% 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.