Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.155%

Price spread now: Kraken Futures against KuCoin−0.223%7-day average +0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$245as in the Funding arb table

Net, price: spread back to 7d avg − costs−$282as in the Price arb table

costs, in and out, $10k−$2462.461% of the position

Long on KuCoin Short on Kraken Futures

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)+0.300%+$30 · spread now −0.223%, 7d avg +0.134%

Together, before fees+0.310%+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kraken Futures is 0.357% cheaper against KuCoin than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of +0.134%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.7843	0.0100	pay 0.0050% / 4h	2h 03m	$1.9M	$780K	50x
Short	Kraken Futures PF_RAYUSD	1.7803	0.0010	get 0.0001% / 1h	3m 06s	$89K	$451K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now −0.223%Rate

Funding earned: −$18.86
Price spread: −0.223% → +0.134%: −$35.71
Slippage, 4 orders: −$224.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$300.63
Costs to cover: 2.461%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Kraken Futures: live order book, 65 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 KuCoin live order book, 3 min ago	8.68 bp	66.5 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 65 min ago	60.85 bp	68.9 bp −$69	doesn't fit	doesn't fit	doesn't fit

RAY on 15 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	1.7843	−0.001%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSDshort	+0.0010%	1h	1.7803	−0.223%	$89K	$451K	10x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.930%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7854	+0.062%	$12.6M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7829	−0.078%	$4.5M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7852	+0.050%	$559K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.7843	long leg	$1.9M	$780K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7839	−0.022%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7849	+0.034%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7866	+0.131%	$700K	$985K	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7853	+0.054%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7852	+0.050%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7871	+0.157%	$13K	$99K	20x	as long as short
Lighter RAY	+0.0328%	1h	1.7886	+0.241%	$264K	$289K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0598%	4h	1.7864	+0.118%	$218K	$285K	10x	as long as short