NFLX

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and OKX is 0.150% cheaper against Bybit than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.133% in total (about -7.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.43 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.