Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.195%

Price spread now: Kraken Futures against BingX+0.313%7-day average +0.124% · you sell dearer than you buy

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$1711.706% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 3 days (all we have)−0.172%−$17 · spread now +0.313%, 7d avg +0.124%

Together, before fees−0.435%−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.189% dearer against BingX than usual: you sell high and buy low (spread +0.313% now, against its 7-day average of +0.124%): +$19 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.7848	0.0100	pay 0.0050% / 4h	2h 41m	—	$2.0M	—
Short	Kraken Futures PF_RAYUSD	1.7904	0.0010	get 0.0001% / 1h	41m 23s	$89K	$445K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.313%Rate

Funding earned: −$18.87
Price spread: +0.313% → +0.124%: $18.93
Slippage, 4 orders: −$150.55
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$170.5
Costs to cover: 1.706%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Kraken Futures: live order book, 26 min ago.

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 BingX live order book, 6 min ago	2.78 bp	16.2 bp −$16	46.6 bp −$466	334.6 bp −$33.5K	685.2 bp −$342.6K
Sell Kraken Futures live order book, 26 min ago	60.85 bp	68.9 bp −$69	doesn't fit	doesn't fit	doesn't fit

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	1.7837	−0.063%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSDshort	+0.0010%	1h	1.7904	+0.313%	$89K	$445K	10x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.956%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7849	+0.006%	$266K	$285K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7841	−0.039%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7838	−0.056%	$553K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7844	−0.022%	$1.9M	$774K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7837	−0.062%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDTlong	+0.0100%	4h	1.7848	long leg	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7840	−0.046%	$699K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7857	+0.050%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7860	+0.067%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7835	−0.073%	$13K	$106K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7974	+0.706%	$261K	$870K	20x	as long as short
MEXC RAY_USDT	+0.0326%	8h	1.7858	+0.056%	$12.7M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0587%	4h	1.7854	+0.034%	$251K	$248K	10x	as long as short