Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0147%/8h= +16.1% APRpaid last 24h +0.078%

Price spread now: HTX against Kraken Futures−0.036%7-day average −0.152% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 3 days (all we have)−0.390%−$39 · spread now −0.036%, 7d avg −0.152%

Together, before fees−0.400%−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and HTX is 0.116% dearer against Kraken Futures than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.152%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_RAYUSD	1.8175	−0.0047	get 0.0006% / 1h	11m 16s	$107K	$433K	10x
Short	HTX RAY-USDT	1.8169	0.0100	get 0.0050% / 4h	2h 11m	$15K	$145K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.036%Rate

Funding earned: $30.93
Price spread: −0.036% → −0.152%: $11.64
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: $20.57
Costs to cover: 0.220%
Break-even: 2.3 days

Slippage unknown: Kraken Futures: live order book, 12 min ago; HTX: live order book, 10 min ago. 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 Kraken Futures live order book, 12 min ago	47.31 bp	57.0 bp −$57	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 10 min ago	41.56 bp	doesn't fit	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
MEXC RAY_USDT	−0.0281%	8h	1.8194	+0.102%	$13.5M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSDlong	−0.0047%	1h	1.8175	long leg	$107K	$433K	10x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8187	+0.063%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.615%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8172	−0.019%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8198	+0.124%	$577K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8183	+0.041%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8188	+0.069%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8195	+0.107%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8223	+0.262%	$716K	$1.1M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8194	+0.103%	$107K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8196	+0.113%	—	$2.6M	10x	as long as short
HTX RAY-USDTshort	+0.0100%	4h	1.8169	−0.036%	$15K	$145K	20x
BloFin RAY-USDT	+0.0220%	8h	1.8176	+0.003%	$257K	$850K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0410%	4h	1.8201	+0.140%	$252K	$250K	10x	as long as short
Lighter RAY	+0.0560%	1h	1.8218	+0.234%	$299K	$266K	5x	as long as short