Funding you earn now, next payment 00:00 UTC−0.0506%/8h= −55.4% APRpaid last 24h −0.031%
Price spread now: Bullet against Orderly−0.116%7-day average −0.028% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.070%−$7 on $10k
+Price spread, last 3 days (all we have)+0.112%+$11 · spread now −0.116%, 7d avg −0.028%
=Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bullet is 0.088% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.028%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.070% in total (about -8.0% 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 | Orderly PERP_RAY_USDC | 1.8144 | 0.0606 | pay 0.0303% / 4h | 28m 45s | $251K | $247K | 10x |
| Short | Bullet RAY-USD | 1.8123 | 0.0100 | get 0.0013% / 1h | 28m 45s | $106K | $45K | 10x |
Orderly PERP_RAY_USDC
Bullet RAY-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet against Orderly. 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
- −$106.24
- Price spread: −0.116% → −0.028%
- −$8.78
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- −$129.02
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Bullet: live order book, 50 min ago. 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 Orderly no order-book sample | — | — | — | — | — |
| Sell Bullet live order book, 50 min ago | 1.62 bp | 7.3 bp −$7 | 11.4 bp −$114 | doesn't fit | doesn't fit |
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_RAYUSD | −0.2421% | 1h | 1.8121 | −0.127% | $96K | $437K | 10x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.8123 | −0.116% | $2K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −9.458% | $266 | $25 | 5.5x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.8116 | −0.154% | $4.6M | $13.1M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.8111 | −0.182% | $563K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8123 | −0.116% | $2.0M | $751K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.8126 | −0.099% | $2.6M | $3.6M | 25x | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.8096 | −0.265% | $710K | $1.0M | — | as long as short |
| Bullet RAY-USDshort | +0.0100% | 1h | 1.8123 | −0.116% | $106K | $45K | 10x | |
| SunX RAY-USDT | +0.0100% | 4h | 1.8120 | −0.132% | — | $2.6M | 10x | as long as short |
Kraken Futures PF_RAYUSD
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
OKX RAY-USDT-SWAP
Gate RAY_USDT
KuCoin RAYUSDTM
Bitget RAYUSDT
Variational Omni RAY
SunX RAY-USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| HTX RAY-USDT | +0.0100% | 4h | 1.8110 | −0.187% | $15K | $122K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8109 | −0.193% | $259K | $854K | 20x | as long as short |
| MEXC RAY_USDT | +0.0246% | 8h | 1.8123 | −0.116% | $13.0M | $2.5M | 100x | as long as short |
| BingX RAY-USDT | +0.0298% | 4h | 1.8132 | −0.066% | — | $2.0M | — | as long as short |
| Lighter RAY | +0.0440% | 1h | 1.8159 | +0.083% | $288K | $255K | 5x | as long as short |
| Orderly PERP_RAY_USDClong | +0.0606% | 4h | 1.8144 | long leg | $251K | $247K | 10x |
HTX RAY-USDT
BloFin RAY-USDT
MEXC RAY_USDT
BingX RAY-USDT
Lighter RAY