Funding you earn now, next payment 04:00 UTC+0.0463%/8h= +50.7% APRnext payment +$2.32 per $10,000 · paid last 24h +0.024%
Price spread now: Orderly against Bitget+0.133%53s7-day average +0.024% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.005%+$1 on $10k
+Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.133%, 7d avg +0.024%
=Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Orderly is 0.110% dearer against Bitget than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.024%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.005% in total (about 0.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.32 per $10,000. 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 | 1.8002 | 0.0100 | pay 0.0050% / 4h | 3h 44m | $2.6M | $3.6M | 25x |
| Short | Orderly PERP_RAY_USDC | 1.8026 | 0.0563 | get 0.0282% / 4h | 3h 44m | $250K | $242K | 10x |
Bitget RAYUSDT
Orderly PERP_RAY_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly against Bitget. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $97.32
- Price spread: +0.133% → +0.024%
- $10.96
- Slippage, 4 orders
- no order book: not counted
- Fee Bitget: 6 bp × 2 orders
- −$12
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- $90.29
- Costs to cover
- 0.180%
- Break-even
- 0.5 days
Slippage unknown: Bitget: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.
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, 3 min ago | 1.39 bp | 19.3 bp −$19 | 59.1 bp −$591 | doesn't fit | doesn't fit |
| Sell Orderly no order-book sample | — | — | — | — | — |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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_RAYUSD | −0.1820% | 1h | 1.7964 | −0.208% | $95K | $434K | 10x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.7992 | −0.057% | $2K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −8.743% | $266 | $25 | 5.5x | as long as short |
| MEXC RAY_USDT | +0.0064% | 8h | 1.8001 | −0.006% | $12.7M | $2.5M | 100x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.7978 | −0.133% | $4.5M | $13.1M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.7991 | −0.061% | $560K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.7996 | −0.033% | $2.0M | $763K | 50x | as long as short |
| Bitget RAYUSDTlong | +0.0100% | 4h | 1.8002 | long leg | $2.6M | $3.6M | 25x | |
| BingX RAY-USDT | +0.0100% | 4h | 1.8001 | −0.006% | — | $2.1M | — | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.7985 | −0.096% | $703K | $1.0M | — | as long as short |
Kraken Futures PF_RAYUSD
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
MEXC RAY_USDT
OKX RAY-USDT-SWAP
Gate RAY_USDT
KuCoin RAYUSDTM
BingX RAY-USDT
Variational Omni RAYShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bullet RAY-USD | +0.0100% | 1h | 1.7982 | −0.111% | $106K | $44K | 10x | as long as short |
| SunX RAY-USDT | +0.0100% | 4h | 1.8020 | +0.100% | — | $2.6M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.7993 | −0.050% | $15K | $113K | 20x | as long as short |
| Lighter RAY | +0.0152% | 1h | 1.8038 | +0.200% | $274K | $278K | 5x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.7993 | −0.050% | $255K | $859K | 20x | as long as short |
| Orderly PERP_RAY_USDCshort | +0.0563% | 4h | 1.8026 | +0.133% | $250K | $242K | 10x |
Bullet RAY-USD
SunX RAY-USDT
HTX RAY-USDT
Lighter RAY
BloFin RAY-USDT