Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.2654%/8h= +290.6% APRpaid last 24h +0.119%

Price spread now: BloFin against Kraken Futures−0.060%57s7-day average −0.167% · you buy dearer than you sell

Net, funding: paid 7d − costs−$286as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2942.940% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 3 days (all we have)−0.109%−$11 · spread now −0.060%, 7d avg −0.167%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$80 a day on $10k at the current rate, and BloFin is 0.107% dearer against Kraken Futures than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.167%. The two prices were read 57 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 0.081% 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	Kraken Futures PF_RAYUSD	1.8023	−0.2434	get 0.0304% / 1h	59m 26s	$95K	$434K	10x
Short	BloFin RAY-USDT	1.8012	0.0220	get 0.0220% / 8h	7h 59m	$256K	$853K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. 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 Kraken FuturesbpFee BloFinbpOrdersPrice spread, now −0.060%Rate

Funding earned: $557.4
Price spread: −0.060% → −0.167%: $10.75
Slippage, 4 orders: −$272
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $274.14
Costs to cover: 2.940%
Break-even: 3.6 days

Slippage from Kraken Futures: live order book, 13 min ago; BloFin: live order book, 12 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 Kraken Futures live order book, 13 min ago	67.29 bp	117.6 bp −$118	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 12 min ago	0.55 bp	19.1 bp −$19	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_RAYUSDlong	−0.2434%	1h	1.8023	long leg	$95K	$434K	10x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8015	−0.045%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.849%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8013	−0.054%	$12.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7999	−0.132%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8003	−0.110%	$561K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8013	−0.054%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8017	−0.032%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7989	−0.187%	$704K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8020	−0.015%	$106K	$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	1.8026	+0.018%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7974	−0.271%	$15K	$115K	20x	as long as short
BingX RAY-USDT	+0.0150%	4h	1.8012	−0.060%	—	$2.1M	—	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8012	−0.060%	$256K	$853K	20x
Lighter RAY	+0.0264%	1h	1.8024	+0.007%	$275K	$276K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0587%	4h	1.8034	+0.062%	$250K	$242K	10x	as long as short