Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0683%/8h= +74.8% APRpaid last 24h −0.160%

Price spread now: Kraken Futures against Bitget+0.120%58s7-day average +0.120% · you sell dearer than you buy

Net, funding: paid 7d − costs−$200as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1961.964% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now +0.120%, 7d avg +0.120%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.120%, so right now this pair is about funding alone: +$20 a day on $10k at the current rate. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.037% in total (about -1.9% 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	Bitget RAYUSDT	1.7759	0.0100	pay 0.0050% / 4h	1h 57m	$2.5M	$3.7M	25x
Short	Kraken Futures PF_RAYUSD	1.7780	0.0783	get 0.0098% / 1h	57m 26s	$89K	$450K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.120%Rate

Funding earned: $143.45
Price spread: +0.120% → +0.120%: −$0.02
Slippage, 4 orders: −$174.41
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$52.97
Costs to cover: 1.964%
Break-even: 9.6 days

Slippage from Bitget: live order book, 5 min ago; Kraken Futures: live order book, 5 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 Bitget live order book, 5 min ago	3.08 bp	18.6 bp −$19	51.3 bp −$513	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	36.15 bp	76.0 bp −$76	doesn't fit	doesn't fit	doesn't fit

RAY on 15 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	1.7755	−0.023%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.495%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7764	+0.028%	$4.4M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7751	−0.045%	$554K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7752	−0.039%	$1.9M	$775K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.7759	long leg	$2.5M	$3.7M	25x
BingX RAY-USDT	+0.0100%	4h	1.7765	+0.034%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7823	+0.360%	$697K	$985K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7776	+0.096%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7752	−0.039%	—	$2.4M	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7796	+0.208%	$13K	$98K	20x	as long as short
Lighter RAY	+0.0176%	1h	1.7784	+0.141%	$262K	$283K	5x	as long as short
MEXC RAY_USDT	+0.0265%	8h	1.7743	−0.090%	$12.5M	$2.4M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0583%	4h	1.7769	+0.056%	$216K	$285K	10x	as long as short
Kraken Futures PF_RAYUSDshort	+0.0783%	1h	1.7780	+0.120%	$89K	$450K	10x