Hedged staking with futures (and funding rate)

As far as I understand it, shorting futures on Binance with positive funding rate (see this link) :

https://www.binance.com/en/futures/funding-history/0

means you receive this funding rate every 8 hours. For most coins it is at 0.01% every 8 hours, which translates to gaining 0.3% per day or roughly 1% interest per month (or 12% APY).

And you can go long for the same coin on the spot market, and stake it. If you stake it for let's say 10% APY, it leads to an overall APY of 11% - half of the staked money are in a futures contract (short) with yield of 12% and the other half are in a spot with yield 10%, averaging to 11%.

Essentially like staking/earning from a stablecoin but with better APY.

Is this correct, or am I missing something? Like, maybe Binance gives you 0.01% funding, but also takes a separate 0.01% for interest? It seems that the interest is calculated in this funding rate, but I am not sure.

The "funding rate history" section shows that this 0.01% is stable for most coins most of the time, so it can be considered almost "stable" (like 99.5% of the time it is 0.01%).

Has anybody tried this? Thoughts?