Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.1089%/8h= +119.2% APRpaid last 24h −0.195%

Price spread now: Kraken Futures against MEXC+0.284%7-day average +0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$178as in the Price arb table

costs, in and out, $10k−$1961.961% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.610%+$61 on $10k

Price spread, last 4 days (all we have)−0.158%−$16 · spread now +0.284%, 7d avg +0.102%

Together, before fees+0.452%+$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Kraken Futures is 0.181% dearer against MEXC than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.102%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.610% in total (about 31.8% 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	MEXC RAY_USDT	1.7728	0.0866	pay 0.0866% / 8h	7h 50m	$11.8M	$2.5M	100x
Short	Kraken Futures PF_RAYUSD	1.7778	0.1955	get 0.0244% / 1h	50m 59s	$94K	$381K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.284%Rate

Funding earned: $228.68
Price spread: +0.284% → +0.102%: $18.15
Slippage, 4 orders: −$182.13
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $50.7
Costs to cover: 1.961%
Break-even: 5.4 days

Slippage from MEXC: live order book, 2 min ago; Kraken Futures: live order book, 47 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 MEXC live order book, 2 min ago	0.56 bp	9.2 bp −$9	45.3 bp −$453	102.4 bp −$10.2K	doesn't fit
Sell Kraken Futures live order book, 47 min ago	51.66 bp	91.8 bp −$92	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7715	−0.076%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.333%	$266	$25	5.5x	as long as short
BloFin RAY-USDT	+0.0088%	8h	1.7712	−0.090%	$242K	$879K	20x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7712	−0.090%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7733	+0.028%	$553K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7715	−0.073%	$1.8M	$827K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7728	0.000%	$2.6M	$3.9M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7640	−0.496%	$659K	$806K	—	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7731	+0.017%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7769	+0.231%	$13K	$89K	20x	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	+0.0205%	1h	1.7733	+0.028%	$67K	$28K	10x	as long as short
Lighter RAY	+0.0608%	1h	1.7748	+0.113%	$232K	$335K	5x	as long as short
BingX RAY-USDT	+0.0642%	4h	1.7738	+0.056%	—	$2.0M	—	as long as short
MEXC RAY_USDTlong	+0.0866%	8h	1.7728	long leg	$11.8M	$2.5M	100x
Kraken Futures PF_RAYUSDshort	+0.1955%	1h	1.7778	+0.284%	$94K	$381K	10x
Orderly PERP_RAY_USDC	+0.2131%	4h	1.7765	+0.209%	$314K	$386K	10x	as long as short