Funding you earn now, next payment 04:00 UTC−0.0986%/8h= −107.9% APRnext payment −$4.93 per $10,000 · paid last 24h −0.024%
Price spread now: SunX against Orderly−0.121%7-day average −0.035% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.012%+$1 on $10k
+Price spread, last 4 days (all we have)−0.103%−$10 · spread now −0.121%, 7d avg −0.035%
=Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and SunX is 0.087% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.035%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.012% in total (about 0.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.93 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 | 1.8118 | 0.1086 | pay 0.0543% / 4h | 28m 19s | $325K | $400K | 10x |
| Short | SunX RAY-USDT | 1.8096 | 0.0100 | get 0.0050% / 4h | 28m 19s | — | $2.4M | 10x |
Orderly PERP_RAY_USDC
SunX RAY-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
SunX 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
- −$206.96
- Price spread: −0.121% → −0.035%
- −$8.68
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee SunX: 4 bp × 2 orders
- −$8
- Net
- −$229.63
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; SunX: live order book, 8 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 SunX live order book, 8 min ago | 45.60 bp | 67.1 bp −$67 | 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 | −0.3775% | 1h | 1.8104 | −0.075% | $91K | $435K | 10x | as long as short |
| MEXC RAY_USDT | −0.0093% | 8h | 1.8074 | −0.243% | $12.5M | $2.4M | 100x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.8057 | −0.339% | $1K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −9.328% | $266 | $25 | 5.5x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.8058 | −0.331% | $4.5M | $12.9M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.8077 | −0.226% | $581K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8065 | −0.293% | $1.9M | $783K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.8075 | −0.237% | $2.6M | $3.8M | 25x | as long as short |
| BingX RAY-USDT | +0.0100% | 4h | 1.8078 | −0.221% | — | $2.0M | — | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.8114 | −0.020% | $708K | $887K | — | as long as short |
Kraken Futures PF_RAYUSD
MEXC RAY_USDT
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
OKX RAY-USDT-SWAP
Gate RAY_USDT
KuCoin RAYUSDTM
Bitget RAYUSDT
BingX RAY-USDT
Variational Omni RAYShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bullet RAY-USD | +0.0100% | 1h | 1.8088 | −0.166% | $68K | $66K | 10x | as long as short |
| SunX RAY-USDTshort | +0.0100% | 4h | 1.8096 | −0.121% | — | $2.4M | 10x | |
| HTX RAY-USDT | +0.0100% | 4h | 1.8147 | +0.160% | $13K | $90K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8131 | +0.072% | $253K | $940K | 20x | as long as short |
| Lighter RAY | +0.0336% | 1h | 1.8092 | −0.144% | $262K | $309K | 5x | as long as short |
| Orderly PERP_RAY_USDClong | +0.1086% | 4h | 1.8118 | long leg | $325K | $400K | 10x |
Bullet RAY-USD
HTX RAY-USDT
BloFin RAY-USDT
Lighter RAY