KAITOUSDT
KAITO / Tether USD
crypto Composite

Your legs aren't matched, and that's the whole answer. This trade is only safe when it's delta-neutral — short perp and long spot in equal size, so price does nothing and you just harvest funding. But your screenshots show \~122.8 KAITO long on spot against a 1105.4 KAITO short on the perp (2x). That's not neutral, that's a big net short. So when KAITO's price moves, you're not hedged — you take the directional hit, and that's your -$61. The funding (+$64.88) is real and banked; the loss is unhedged price exposure sitting on top of it.
That also explains your timeline. Yesterday when the loss was only -$10, price had barely moved. Over the last 10-12 hours KAITO moved against your net-short and the unrealized loss grew with it. A properly hedged carry wouldn't drift with price like that — the fact that yours does is the tell that the hedge ratio is off.
One caveat: double-check how Binance is denominating those two numbers, because the spot and futures sizes can be shown in different units and you want to confirm the 1105.4 vs 122.8 is a real size mismatch and not a display thing. But if it is what it looks like, you've got large directional risk you didn't intend. Fix is to size the two legs equal so the funding is the only thing you're exposed to. Right now you're running a funding trade with a naked short bolted onto it.

Hi everyone, I’m still fairly new to cryptocurrency and arbitrage, so I’d really appreciate some help understanding what’s happening with my Binance KAITO/USDT reverse carry funding-rate arbitrage bot.
As you can see in the screenshots, the bot has earned around $64 in funding fees, but my current unrealized PnL is around -$61.02, and my total balance is only around $829–832. Based on the funding fees I’ve accumulated, I initially expected my balance to be closer to $870–880, so I’m confused about where the difference is coming from.
What confuses me even more is that this wasn’t happening earlier. Yesterday, when my accumulated funding fees were around $30–35, my unrealized PnL was only around -$10, which seemed reasonable. Over the last 10–12 hours, however, the unrealized PnL has been dropping significantly and my overall balance has followed it.
At the time of posting, the displayed spread rate was around 3.87%. Even if I apply that spread to my roughly $830 initial capital, I would estimate around a $30 impact. If I also account for roughly $10 in fees and the 121 KAITO I’m holding in reserve (currently down around 8%, or roughly $6), I still can't understand how the unrealized loss has reached -$61. Maybe I’m misunderstanding how the spread rate works, how it is applied, or how Binance calculates the bot’s unrealized PnL. I also understand that unrealized PnL is essentially a paper gain/loss until the position is closed, but I’m not sure how it interacts with the funding fees and total balance in this strategy. I’ve attached screenshots of the bot, my spot holdings, PnL, funding fees, and other relevant information.
Can someone experienced with funding-rate arbitrage/reverse carry strategies explain what I’m actually looking at and where this \~$61 difference is coming from? I’m still learning, so a simple explanation would be extremely helpful. 😅

Not a doom post. Just a checklist for anyone with open lending positions today.
ZRO unlocking $20M worth of tokens right now. KAITO unlocking $10M. Traditional markets down over 1%. ETH decoupling slightly which is unusual.
Each of these alone is probably fine. All three on the same day is worth a five minute check.
When did you last look at your health factor?

Two significant token unlocks today ($20M ZRO, $10M KAITO) while NASDAQ is down 1.4%. How do people factor unlock schedules into their DeFi lending risk?