Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0840%/8h= −92.0% APRpaid last 24h +0.101%

Price spread now: OKX against Kraken Futures+0.040%7-day average −0.148% · you sell dearer than you buy

Net, funding: paid 7d − costs−$192as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1841.842% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.238%−$24 · spread now +0.040%, 7d avg −0.148%

Together, before fees−0.313%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.188% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of −0.148%): +$19 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.074% in total) that is about 18 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.074% in total (about -3.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_RAYUSD	1.7616	0.0940	pay 0.0118% / 1h	47m 00s	$97K	$417K	10x
Short	OKX RAY-USDT-SWAP	1.7623	0.0100	get 0.0100% / 8h	5h 47m	$4.1M	$11.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Kraken Futures. 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 Kraken FuturesbpFee OKXbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$176.46
Price spread: +0.040% → −0.148%: $18.8
Slippage, 4 orders: −$164.23
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$341.89
Costs to cover: 1.842%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 64 min ago; OKX: live order book, 4 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 Kraken Futures live order book, 64 min ago	51.03 bp	56.4 bp −$56	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.14 bp	19.7 bp −$20	139.0 bp −$1,390	doesn't fit	doesn't fit

RAY on 16 exchanges

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	1.7600	−0.090%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.743%	$266	$25	5.5x	as long as short
BloFin RAY-USDT	+0.0070%	8h	1.7601	−0.084%	$243K	$829K	20x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.7623	+0.040%	$4.1M	$11.8M	20x
Gate RAY_USDT	+0.0100%	4h	1.7610	−0.033%	$566K	$862K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7606	−0.056%	$1.8M	$812K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7615	−0.005%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7587	−0.164%	$620K	$753K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7605	−0.060%	$66K	$26K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7600	−0.090%	—	$1.7M	10x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7597	−0.107%	$13K	$70K	20x	as long as short
MEXC RAY_USDT	+0.0147%	8h	1.7613	−0.016%	$11.2M	$2.5M	100x	as long as short
Lighter RAY	+0.0168%	1h	1.7627	+0.063%	$222K	$343K	5x	as long as short
BingX RAY-USDT	+0.0254%	4h	1.7608	−0.045%	—	$1.9M	—	as long as short
Kraken Futures PF_RAYUSDlong	+0.0940%	1h	1.7616	long leg	$97K	$417K	10x
Orderly PERP_RAY_USDC	+0.1890%	4h	1.7626	+0.057%	$302K	$358K	10x	as long as short