Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0675%/8h= −73.9% APRpaid last 24h +0.141%

Price spread now: SunX against Kraken Futures+0.328%7-day average −0.123% · you sell dearer than you buy

Net, funding: paid 7d − costs−$281as in the Funding arb table

Net, price: spread back to 7d avg − costs−$241as in the Price arb table

costs, in and out, $10k−$2862.858% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−1.611%−$161 · spread now +0.328%, 7d avg −0.123%

Together, before fees−1.567%−$157 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.451% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.328% now, against its 7-day average of −0.123%): +$45 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	Kraken Futures PF_RAYUSD	1.7963	0.0775	pay 0.0097% / 1h	3m 56s	$90K	$456K	10x
Short	SunX RAY-USDT	1.8022	0.0100	get 0.0050% / 4h	1h 03m	—	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.328%Rate

Funding earned: −$141.78
Price spread: +0.328% → −0.123%: $45.05
Slippage, 4 orders: −$267.83
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$382.56
Costs to cover: 2.858%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 59 min ago; SunX: live order book, 3 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, 59 min ago	36.15 bp	80.1 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	46.18 bp	65.2 bp −$65	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	1.8009	+0.256%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0001%	8h	1.8028	+0.361%	$12.5M	$2.5M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.546%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8022	+0.328%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8005	+0.233%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8034	+0.395%	$1.9M	$779K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8031	+0.378%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8026	+0.350%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8069	+0.592%	$706K	$961K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8021	+0.322%	$68K	$66K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDTshort	+0.0100%	4h	1.8022	+0.328%	—	$2.4M	10x
HTX RAY-USDT	+0.0100%	4h	1.8024	+0.339%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8015	+0.289%	$252K	$872K	20x	as long as short
Lighter RAY	+0.0424%	1h	1.8036	+0.406%	$265K	$298K	5x	as long as short
Kraken Futures PF_RAYUSDlong	+0.0775%	1h	1.7963	long leg	$90K	$456K	10x
Orderly PERP_RAY_USDC	+0.0814%	4h	1.8045	+0.456%	$323K	$399K	10x	as long as short