Funding you earn now, next payment 08:00 UTC−0.0627%/8h= −68.7% APRpaid last 24h −0.282%
Price spread now: Kraken Futures against Orderly−0.020%7-day average +0.069% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.140%−$14 on $10k
+Price spread, last 4 days (all we have)+0.089%+$9 · spread now −0.020%, 7d avg +0.069%
=Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Kraken Futures is 0.089% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.069%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.140% in total (about -7.3% 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 | 1.7662 | 0.2238 | pay 0.1119% / 4h | 41m 51s | $312K | $396K | 10x |
| Short | Kraken Futures PF_RAYUSD | 1.7659 | 0.1611 | get 0.0201% / 1h | 41m 51s | $94K | $384K | 10x |
Orderly PERP_RAY_USDC
Kraken Futures PF_RAYUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$131.74
- Price spread: −0.020% → +0.069%
- −$8.89
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$156.62
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 61 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 Kraken Futures live order book, 61 min ago | 59.25 bp | 68.6 bp −$69 | 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.7616 | −0.258% | $3K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −6.987% | $266 | $25 | 5.5x | as long as short |
| MEXC RAY_USDT | +0.0050% | 8h | 1.7638 | −0.136% | $11.8M | $2.5M | 100x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.7626 | −0.204% | $4.2M | $12.8M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.7609 | −0.300% | $550K | $1.2M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.7615 | −0.266% | $1.8M | $825K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.7632 | −0.170% | $2.6M | $4.0M | 25x | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.7616 | −0.263% | $657K | $877K | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.7629 | −0.186% | $66K | $28K | 10x | as long as short |
| SunX RAY-USDT | +0.0100% | 4h | 1.7609 | −0.300% | — | $2.4M | 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-USD
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 | 1.7876 | +1.212% | $13K | $90K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.7616 | −0.260% | $241K | $878K | 20x | as long as short |
| Lighter RAY | +0.0224% | 1h | 1.7642 | −0.113% | $234K | $325K | 5x | as long as short |
| BingX RAY-USDT | +0.0794% | 4h | 1.7621 | −0.232% | — | $2.0M | — | as long as short |
| Kraken Futures PF_RAYUSDshort | +0.1611% | 1h | 1.7659 | −0.020% | $94K | $384K | 10x | |
| Orderly PERP_RAY_USDClong | +0.2238% | 4h | 1.7662 | long leg | $312K | $396K | 10x |
HTX RAY-USDT
BloFin RAY-USDT
Lighter RAY
BingX RAY-USDT