Reading the board

The board ranks by what a spread pays after cost, not by APR.

Payback versus half-life

payback    hours of net funding needed to repay the round-trip cost
half-life  how long a spread like this usually lasts

If payback is shorter than half-life, the spread is likely to outlast the cost of trading it. If not, the APR doesn't matter: the spread usually ends first.

Across the board, many spreads last about an hour, while a taker round trip can take many hours of carry to repay. Entering with a resting maker order cuts the cost several times over, which is why Maker–Taker execution exists.

Verdicts

Verdict	Meaning
TRADEABLE	Clears its costs, even crossing, within a realistic hold
MAKER_ONLY	Only works with resting fills
LONG_HOLD_ONLY	Only as a multi-day position
AVOID	Doesn't repay the round trip

Missing data

Shown	Meaning
Not enough history	Too few observations for persistence figures
Size unknown	No order book was available to walk
Unknown or unavailable	A venue didn't answer. It is not shown as zero or flat.