Funding you earn now, next payment 23:00 UTC+0.2833%/8h= +310.2% APRpaid last 24h +0.087%
Price spread now: Orderly against Kraken Futures+0.370%7-day average −0.096% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.050%−$5 on $10k
+Price spread, last 3 days (all we have)−0.557%−$56 · spread now +0.370%, 7d avg −0.096%
=Both sides work for this trade now. Funding pays +$85 a day on $10k at the current rate, and Orderly is 0.465% dearer against Kraken Futures than usual: you sell high and buy low: +$47 more if the spread goes back to its 7-day average of −0.096%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.050% in total (about -2.6% 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 | 1.8230 | −0.2315 | get 0.0289% / 1h | 9m 56s | $96K | $443K | 10x |
| Short | Orderly PERP_RAY_USDC | 1.8297 | 0.0518 | get 0.0259% / 4h | 1h 09m | $253K | $248K | 10x |
Kraken Futures PF_RAYUSD
Orderly PERP_RAY_USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Orderly 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $594.95
- Price spread: +0.370% → −0.096%
- $46.54
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Orderly: 3 bp × 2 orders
- −$6
- Net
- $625.49
- Costs to cover
- 0.160%
- Break-even
- from the start
Slippage unknown: Kraken Futures: live order book, 8 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 Kraken Futures live order book, 8 min ago | 33.02 bp | 66.9 bp −$67 | doesn't fit | 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_RAYUSDlong | −0.2315% | 1h | 1.8230 | long leg | $96K | $443K | 10x | |
| MEXC RAY_USDT | −0.0256% | 8h | 1.8289 | +0.326% | $13.4M | $2.6M | 100x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.8276 | +0.257% | $2K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −9.883% | $266 | $25 | 5.5x | as long as short |
| Lighter RAY | +0.0096% | 1h | 1.8306 | +0.419% | $294K | $257K | 5x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.8285 | +0.304% | $4.6M | $13.2M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.8271 | +0.227% | $570K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8278 | +0.265% | $2.0M | $762K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.8295 | +0.359% | $2.7M | $3.5M | 25x | as long as short |
| BingX RAY-USDT | +0.0100% | 4h | 1.8281 | +0.282% | — | $2.0M | — | as long as short |
MEXC RAY_USDT
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
Lighter RAY
OKX RAY-USDT-SWAP
Gate RAY_USDT
KuCoin RAYUSDTM
Bitget RAYUSDT
BingX RAY-USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni RAY | +0.0100% | 4h | 1.8301 | +0.392% | $730K | $1.0M | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.8278 | +0.265% | $107K | $47K | 10x | as long as short |
| SunX RAY-USDT | +0.0100% | 4h | 1.8280 | +0.276% | — | $2.6M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.8262 | +0.178% | $15K | $132K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8260 | +0.167% | $257K | $860K | 20x | as long as short |
| Orderly PERP_RAY_USDCshort | +0.0518% | 4h | 1.8297 | +0.370% | $253K | $248K | 10x |
Variational Omni RAY
Bullet RAY-USD
SunX RAY-USDT
HTX RAY-USDT
BloFin RAY-USDT