TAO

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Lighter is 0.056% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.080%, 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 0.080% in total (about 4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.65 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.