Funding you earn now, next payment 23:00 UTC−0.2393%/8h= −262.1% APRnext payment −$2.99 per $10,000 · paid last 24h −0.056%
Price spread now: Kraken Futures against Bullet+0.171%7-day average +0.123% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$119as in the Price arb table
costs, in and out, $10k−$1231.234% of the position
Funding, last 3 days (all we have)+0.352%+$35 on $10k
+Price spread, last 3 days (all we have)+0.035%+$4 · spread now +0.171%, 7d avg +0.123%
=The price spread pays, funding is against you. Kraken Futures is 0.048% dearer against Bullet than usual: you sell high and buy low (spread +0.171% now, against its 7-day average of +0.123%): +$5 on $10k if it goes back. Holding the pair costs −$72 a day in funding at the current rate, which eats that in about 2 hours. Mind the row above: over the last 3 days funding on this pair paid +0.352%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.352% in total (about 41.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.99 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 | Bullet RAY-USD | 1.8375 | 0.0100 | pay 0.0013% / 1h | 45m 39s | $108K | $47K | 10x |
| Short | Kraken Futures PF_RAYUSD | 1.8406 | −0.2293 | pay 0.0287% / 1h | 45m 39s | $99K | $456K | 10x |
Bullet RAY-USD
Kraken Futures PF_RAYUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Bullet. 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
- −$502.58
- Price spread: +0.171% → +0.123%
- $4.77
- Slippage, 4 orders
- −$105.42
- Fee Bullet: 4 bp × 2 orders
- −$8
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$621.23
- Costs to cover
- 1.234%
- Break-even
- never at this rate
Slippage from Bullet: live order book, 38 min ago; Kraken Futures: live order book, 37 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 Bullet live order book, 38 min ago | 1.64 bp | 6.7 bp −$7 | 11.4 bp −$114 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 37 min ago | 47.31 bp | 52.4 bp −$52 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_RAYUSDshort | −0.2293% | 1h | 1.8406 | +0.171% | $99K | $456K | 10x | |
| MEXC RAY_USDT | −0.0286% | 8h | 1.8467 | +0.500% | $13.6M | $2.5M | 100x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.8372 | −0.018% | $1K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −10.596% | $266 | $25 | 5.5x | as long as short |
| Lighter RAY | +0.0096% | 1h | 1.8460 | +0.462% | $300K | $249K | 5x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.8455 | +0.435% | $4.6M | $13.3M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.8420 | +0.245% | $581K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8438 | +0.343% | $2.0M | $767K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.8440 | +0.354% | $2.7M | $3.4M | 25x | as long as short |
| BingX RAY-USDT | +0.0100% | 4h | 1.8464 | +0.484% | — | $2.0M | — | as long as short |
MEXC RAY_USDT
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
Lighter RAY
OKX RAY-USDT-SWAP
Gate RAY_USDT
KuCoin RAYUSDTM
Bitget RAYUSDT
BingX RAY-USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni RAY | +0.0100% | 4h | 1.8160 | −1.168% | $713K | $1.1M | — | as long as short |
| Bullet RAY-USDlong | +0.0100% | 1h | 1.8375 | long leg | $108K | $47K | 10x | |
| SunX RAY-USDT | +0.0100% | 4h | 1.8378 | +0.016% | — | $2.6M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.8380 | +0.027% | $15K | $139K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8306 | −0.376% | $257K | $863K | 20x | as long as short |
| Orderly PERP_RAY_USDC | +0.0446% | 4h | 1.8403 | +0.152% | $255K | $250K | 10x | as long as short |
Variational Omni RAY
SunX RAY-USDT
HTX RAY-USDT
BloFin RAY-USDT
Orderly PERP_RAY_USDC