UNI

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Nado is 0.258% cheaper against Coinbase International than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.068%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.064%, so the current rate has only just turned against you. The two prices were read 45 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 0.064% in total (about 6.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.