Funding you earn now, next payment 00:00 UTC−0.0349%/8h= −38.2% APRnext payment −$1.74 per $10,000 · paid last 24h 0.000%
Price spread now: Gate against Orderly−0.141%7-day average −0.050% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.085%−$8 on $10k
+Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.141%, 7d avg −0.050%
=Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Gate is 0.090% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.050%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.74 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 | Orderly PERP_RAY_USDC | 1.8502 | 0.0449 | pay 0.0224% / 4h | 1h 44m | $256K | $250K | 10x |
| Short | Gate RAY_USDT | 1.8476 | 0.0100 | get 0.0050% / 4h | 1h 44m | $584K | $1.1M | 25x |
Orderly PERP_RAY_USDC
Gate RAY_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Gate 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
- −$73.25
- Price spread: −0.141% → −0.050%
- −$9.05
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Net
- −$103.3
- Costs to cover
- 0.210%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago | 6.83 bp | 39.5 bp −$40 | doesn't fit | 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 | −0.2281% | 1h | 1.8504 | +0.010% | $99K | $456K | 10x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.8479 | −0.125% | $1K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −11.210% | $266 | $25 | 5.5x | as long as short |
| MEXC RAY_USDT | +0.0050% | 8h | 1.8488 | −0.076% | $13.6M | $2.5M | 100x | as long as short |
| Lighter RAY | +0.0096% | 1h | 1.8519 | +0.092% | $301K | $249K | 5x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.8467 | −0.189% | $4.6M | $13.3M | 20x | as long as short |
| Gate RAY_USDTshort | +0.0100% | 4h | 1.8476 | −0.141% | $584K | $1.1M | 25x | |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8478 | −0.130% | $2.0M | $775K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.8484 | −0.097% | $2.7M | $3.4M | 25x | as long as short |
| BingX RAY-USDT | +0.0100% | 4h | 1.8486 | −0.086% | — | $2.0M | — | as long as short |
Kraken Futures PF_RAYUSD
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
MEXC RAY_USDT
Lighter RAY
OKX RAY-USDT-SWAP
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 | 1.8317 | −1.000% | $728K | $1.0M | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.8472 | −0.160% | $108K | $47K | 10x | as long as short |
| SunX RAY-USDT | +0.0100% | 4h | 1.8479 | −0.124% | — | $2.6M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.8470 | −0.173% | $15K | $139K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8424 | −0.422% | $257K | $868K | 20x | as long as short |
| Orderly PERP_RAY_USDClong | +0.0449% | 4h | 1.8502 | long leg | $256K | $250K | 10x |
Variational Omni RAY
Bullet RAY-USD
SunX RAY-USDT
HTX RAY-USDT
BloFin RAY-USDT