You funded the payment to the seller using bank transfer. What PayPal do here is credit the recipient on your behalf (so there is no delay in despatching your item). Then if you receive a refund in the meantime they are unable to issue this until the original bank transfer completes.
So the payment can often show as going 'out' after the refund has been issued and shows as 'in'.
Advice is voluntary. Kudos / Solution appreciated.