TAO

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Bybit is 0.159% cheaper against Bulk than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.140%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.376%, so the current rate has only just turned against you. 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 4 days it paid 0.376% in total (about 35.3% a year). A funding rate is set anew for every payment. 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.