Funding you earn now, next payment 06:00 UTC−0.2063%/8h= −225.9% APRnext payment −$2.58 per $10,000 · paid last 24h −0.307%
Price spread now: Kraken Futures against Lighter+0.134%7-day average −0.064% · you sell dearer than you buy
Net, funding: paid 7d − costs−$302as in the Funding arb table
Net, price: spread back to 7d avg − costs−$223as in the Price arb table
costs, in and out, $10k−$2432.432% of the position
Funding, last 7 days−0.592%−$59 on $10k
+Price spread, last 4 days (all we have)−0.292%−$29 · spread now +0.134%, 7d avg −0.064%
=Together, before fees−0.884%+ Points / potential airdropLighter: Season 3 · farm board−$88 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Kraken Futures is 0.198% dearer against Lighter than usual: you sell high and buy low (spread +0.134% now, against its 7-day average of −0.064%): +$20 on $10k if it goes back. Holding the pair costs −$62 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.592% in total) that is about 2.3 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.592% in total (about -30.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.58 per $10,000. 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 | Lighter RAY | 1.7530 | 0.0488 | pay 0.0061% / 1h | 16m 47s | $246K | $310K | 5x |
| Short | Kraken Futures PF_RAYUSD | 1.7553 | −0.1575 | pay 0.0197% / 1h | 16m 47s | $86K | $398K | 10x |
Lighter RAY
Kraken Futures PF_RAYUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Lighter. 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
- −$433.26
- Price spread: +0.134% → −0.064%
- $19.8
- Slippage, 4 orders
- −$233.22
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$656.68
- Costs to cover
- 2.432%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 14 min ago; Kraken Futures: live order book, 31 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 Lighter live order book, 14 min ago | 4.89 bp | 13.4 bp −$13 | 134.2 bp −$1,342 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 31 min ago | 79.50 bp | 104.1 bp −$104 | 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_RAYUSDshort | −0.1575% | 1h | 1.7553 | +0.134% | $86K | $398K | 10x | |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.7500 | −0.172% | $433 | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −6.286% | $266 | $25 | 5.5x | as long as short |
| MEXC RAY_USDT | +0.0050% | 8h | 1.7496 | −0.194% | $11.8M | $2.6M | 100x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.7483 | −0.268% | $4.2M | $13.0M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.7509 | −0.120% | $546K | $1.2M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.7486 | −0.251% | $1.9M | $831K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.7499 | −0.177% | $2.6M | $4.1M | 25x | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.7453 | −0.440% | $673K | $870K | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.7509 | −0.120% | $66K | $66K | 10x | as long as short |
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
MEXC RAY_USDT
OKX RAY-USDT-SWAP
Gate RAY_USDT
KuCoin RAYUSDTM
Bitget RAYUSDT
Variational Omni RAY
Bullet RAY-USDShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX RAY-USDT | +0.0100% | 4h | 1.7496 | −0.194% | — | $2.4M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.7533 | +0.017% | $13K | $91K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.7497 | −0.188% | $198K | $932K | 20x | as long as short |
| Lighter RAYlong | +0.0488% | 1h | 1.7530 | long leg | $246K | $310K | 5x | |
| BingX RAY-USDT | +0.0770% | 4h | 1.7495 | −0.200% | — | $2.0M | — | as long as short |
| Orderly PERP_RAY_USDC | +0.1984% | 4h | 1.7541 | +0.063% | $306K | $399K | 10x | as long as short |
SunX RAY-USDT
HTX RAY-USDT
BloFin RAY-USDT
BingX RAY-USDT
Orderly PERP_RAY_USDC