CXMT

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Bitget is 0.123% cheaper against Popdex than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.204% in total (about -19.3% 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.