Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1864%/8h= −204.2% APRpaid last 24h +0.152%

Price spread now: OKX against Kraken Futures−0.137%45s7-day average −0.143% · you buy dearer than you sell

Net, funding: paid 7d − costs−$235as 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−$2332.327% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.137%, 7d avg −0.143%

Together, before fees+0.048%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.143%, so right now this pair is about funding alone: −$56 a day on $10k at the current rate. The two prices were read 45 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 -0.021% in total (about -1.1% 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	1.7692	0.1964	pay 0.0246% / 1h	53m 30s	$93K	$381K	10x
Short	OKX RAY-USDT-SWAP	1.7668	0.0100	get 0.0100% / 8h	7h 53m	$4.1M	$12.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$391.54
Price spread: −0.137% → −0.143%: $0.6
Slippage, 4 orders: −$212.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$623.64
Costs to cover: 2.327%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 44 min ago; OKX: live order book, 5 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, 44 min ago	51.66 bp	90.3 bp −$90	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.70 bp	22.0 bp −$22	196.3 bp −$1,963	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	1.7620	−0.409%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.146%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.7668	−0.137%	$4.1M	$12.7M	20x
Gate RAY_USDT	+0.0100%	4h	1.7652	−0.228%	$550K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7660	−0.183%	$1.8M	$827K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7663	−0.166%	$2.6M	$3.9M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7640	−0.295%	$659K	$806K	—	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7657	−0.200%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7644	−0.273%	$13K	$89K	20x	as long as short
Bullet RAY-USD	+0.0115%	1h	1.7679	−0.075%	$66K	$28K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin RAY-USDT	+0.0220%	8h	1.7591	−0.573%	$241K	$873K	20x	as long as short
Lighter RAY	+0.0408%	1h	1.7687	−0.030%	$232K	$335K	5x	as long as short
BingX RAY-USDT	+0.0642%	4h	1.7663	−0.166%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0787%	8h	1.7675	−0.098%	$11.8M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSDlong	+0.1964%	1h	1.7692	long leg	$93K	$381K	10x
Orderly PERP_RAY_USDC	+0.2130%	4h	1.7678	−0.081%	$312K	$386K	10x	as long as short