Funding you earn now, next payment 00:00 UTC−0.0488%/8h= −53.4% APRpaid last 24h −0.034%
Price spread now: OKX against Orderly−0.122%7-day average −0.067% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.055%−$5 on $10k
+Price spread, last 3 days (all we have)+0.134%+$13 · spread now −0.122%, 7d avg −0.067%
=Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and OKX is 0.055% cheaper against Orderly than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.067%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.055% in total (about -2.9% 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 | 1.7994 | 0.0588 | pay 0.0294% / 4h | 2m 46s | $250K | $247K | 10x |
| Short | OKX RAY-USDT-SWAP | 1.7972 | 0.0100 | get 0.0100% / 8h | 2m 46s | $4.5M | $13.1M | 20x |
Orderly PERP_RAY_USDC
OKX RAY-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- −$102.41
- Price spread: −0.122% → −0.067%
- −$5.54
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$123.95
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; OKX: live order book, just now. 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 OKX live order book, just now | 1.39 bp | 24.5 bp −$25 | 110.3 bp −$1,103 | 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 | −0.2441% | 1h | 1.7971 | −0.127% | $95K | $434K | 10x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.7992 | −0.012% | $2K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −8.703% | $266 | $25 | 5.5x | as long as short |
| OKX RAY-USDT-SWAPshort | +0.0100% | 8h | 1.7972 | −0.122% | $4.5M | $13.1M | 20x | |
| Gate RAY_USDT | +0.0100% | 4h | 1.7977 | −0.094% | $559K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.7988 | −0.033% | $2.0M | $761K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.7987 | −0.039% | $2.6M | $3.7M | 25x | as long as short |
| BingX RAY-USDT | +0.0100% | 4h | 1.7988 | −0.033% | — | $2.1M | — | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.7944 | −0.280% | $702K | $1.0M | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.7998 | +0.021% | $106K | $44K | 10x | as long as short |
Kraken Futures PF_RAYUSD
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
Gate RAY_USDT
KuCoin RAYUSDTM
Bitget RAYUSDT
BingX RAY-USDT
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 | 1.8001 | +0.039% | — | $2.6M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.7991 | −0.017% | $14K | $116K | 20x | as long as short |
| MEXC RAY_USDT | +0.0150% | 8h | 1.7979 | −0.083% | $12.8M | $2.6M | 100x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.7992 | −0.011% | $255K | $852K | 20x | as long as short |
| Lighter RAY | +0.0280% | 1h | 1.7998 | +0.022% | $275K | $282K | 5x | as long as short |
| Orderly PERP_RAY_USDClong | +0.0588% | 4h | 1.7994 | long leg | $250K | $247K | 10x |
SunX RAY-USDT
HTX RAY-USDT
MEXC RAY_USDT
BloFin RAY-USDT
Lighter RAY