Funding you earn now, next payment 03:00 UTC+0.0666%/8h= +72.9% APRpaid last 24h −0.141%
Price spread now: Kraken Futures against Gate−0.232%7-day average +0.143% · you buy dearer than you sell
Net, funding: paid 7d − costs−$244as in the Funding arb table
Net, price: spread back to 7d avg − costs−$290as in the Price arb table
costs, in and out, $10k−$2522.522% of the position
Funding, last 7 days+0.080%+$8 on $10k
+Price spread, last 4 days (all we have)+1.573%+$157 · spread now −0.232%, 7d avg +0.143%
=Funding pays, the price is against you. Kraken Futures is 0.375% cheaper against Gate than usual: you would sell low and buy high (spread −0.232% now, against its 7-day average of +0.143%). If the spread goes back, that is −$38 on $10k: about 45 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.080% in total) that is about 33 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.2% 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 | Gate RAY_USDT | 1.8227 | 0.0100 | pay 0.0050% / 4h | 1h 15m | $585K | $1.1M | 25x |
| Short | Kraken Futures PF_RAYUSD | 1.8185 | 0.0766 | get 0.0096% / 1h | 15m 29s | $91K | $456K | 10x |
Gate RAY_USDT
Kraken Futures PF_RAYUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Gate. 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
- $139.8
- Price spread: −0.232% → +0.143%
- −$37.54
- Slippage, 4 orders
- −$227.21
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$149.95
- Costs to cover
- 2.522%
- Break-even
- 14.5 days
Slippage from Gate: live order book, 2 min ago; Kraken Futures: live order book, 47 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 Gate live order book, 2 min ago | 7.67 bp | 47.2 bp −$47 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 47 min ago | 36.15 bp | 76.0 bp −$76 | 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.8254 | +0.146% | $1K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −9.870% | $266 | $25 | 5.5x | as long as short |
| MEXC RAY_USDT | +0.0050% | 8h | 1.8210 | −0.093% | $12.7M | $2.4M | 100x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.8190 | −0.203% | $4.5M | $13.0M | 20x | as long as short |
| Gate RAY_USDTlong | +0.0100% | 4h | 1.8227 | long leg | $585K | $1.1M | 25x | |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8217 | −0.055% | $2.0M | $778K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.8199 | −0.154% | $2.6M | $3.7M | 25x | as long as short |
| BingX RAY-USDT | +0.0100% | 4h | 1.8212 | −0.082% | — | $2.0M | — | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.8248 | +0.118% | $713K | $961K | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.8254 | +0.148% | $69K | $66K | 10x | as long as short |
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
MEXC RAY_USDT
OKX RAY-USDT-SWAP
KuCoin RAYUSDTM
Bitget RAYUSDT
BingX RAY-USDT
Variational Omni RAY
Bullet RAY-USDShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX RAY-USDT | +0.0100% | 4h | 1.8239 | +0.066% | — | $2.4M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.8237 | +0.055% | $13K | $90K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8236 | +0.049% | $212K | $879K | 20x | as long as short |
| Lighter RAY | +0.0336% | 1h | 1.8247 | +0.110% | $269K | $297K | 5x | as long as short |
| Orderly PERP_RAY_USDC | +0.0739% | 4h | 1.8285 | +0.318% | $328K | $402K | 10x | as long as short |
| Kraken Futures PF_RAYUSDshort | +0.0766% | 1h | 1.8185 | −0.232% | $91K | $456K | 10x |
SunX RAY-USDT
HTX RAY-USDT
BloFin RAY-USDT
Lighter RAY
Orderly PERP_RAY_USDC