Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1862%/8h= −203.8% APRpaid last 24h −0.152%

Price spread now: Kraken Futures against Bitget+0.282%7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs−$313as in the Funding arb table

Net, price: spread back to 7d avg − costs−$295as in the Price arb table

costs, in and out, $10k−$3123.116% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.282%, 7d avg +0.118%

Together, before fees−0.088%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.164% dearer against Bitget than usual: you sell high and buy low (spread +0.282% now, against its 7-day average of +0.118%): +$16 on $10k if it goes back. Holding the pair costs −$56 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.019% in total) that is about 60 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8504	0.0100	pay 0.0050% / 4h	3h 18m	$2.7M	$3.7M	25x
Short	Kraken Futures PF_RAYUSD	1.8556	−0.1762	pay 0.0220% / 1h	18m 04s	$94K	$440K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.282%Rate

Funding earned: −$390.92
Price spread: +0.282% → +0.118%: $16.39
Slippage, 4 orders: −$289.56
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$686.09
Costs to cover: 3.116%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Kraken Futures: live order book, 55 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 5 min ago	4.60 bp	34.9 bp −$35	108.3 bp −$1,083	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 55 min ago	67.29 bp	139.5 bp −$140	doesn't fit	doesn't fit	doesn't fit

RAY on 16 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_RAYUSDshort	−0.1762%	1h	1.8556	+0.282%	$94K	$440K	10x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8459	−0.245%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.219%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8501	−0.016%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8483	−0.113%	$4.7M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8475	−0.157%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8470	−0.184%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8504	long leg	$2.7M	$3.7M	25x
Variational Omni RAY	+0.0100%	4h	1.8464	−0.214%	$723K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8450	−0.292%	$108K	$44K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8478	−0.141%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8453	−0.276%	$13K	$111K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8424	−0.432%	$255K	$880K	20x	as long as short
Lighter RAY	+0.0440%	1h	1.8505	+0.005%	$277K	$283K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0559%	4h	1.8485	−0.103%	$260K	$245K	10x	as long as short
BingX RAY-USDT	+0.0584%	4h	1.8502	−0.011%	—	$2.0M	—	as long as short