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 −0.137%

Price spread now: Kraken Futures against OKX+0.264%7-day average +0.162% · you sell dearer than you buy

Net, funding: paid 7d − costs−$189as in the Funding arb table

Net, price: spread back to 7d avg − costs−$183as in the Price arb table

costs, in and out, $10k−$1931.931% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 3 days (all we have)−0.196%−$20 · spread now +0.264%, 7d avg +0.162%

Together, before fees−0.155%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.102% dearer against OKX than usual: you sell high and buy low (spread +0.264% now, against its 7-day average of +0.162%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.7953	0.0100	pay 0.0100% / 8h	6h 16m	$4.5M	$13.0M	20x
Short	Kraken Futures PF_RAYUSD	1.8000	0.0010	get 0.0001% / 1h	16m 53s	$89K	$447K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.264%Rate

Funding earned: −$18.89
Price spread: +0.264% → +0.162%: $10.2
Slippage, 4 orders: −$173.12
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$201.8
Costs to cover: 1.931%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 51 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 OKX live order book, 1 min ago	0.56 bp	22.9 bp −$23	198.6 bp −$1,986	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 51 min ago	60.85 bp	68.9 bp −$69	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	1.7955	+0.012%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSDshort	+0.0010%	1h	1.8000	+0.264%	$89K	$447K	10x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.494%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.7953	long leg	$4.5M	$13.0M	20x
Gate RAY_USDT	+0.0100%	4h	1.7964	+0.061%	$559K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7967	+0.078%	$1.9M	$776K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7968	+0.084%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8000	+0.263%	$705K	$985K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7954	+0.003%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7961	+0.045%	—	$2.5M	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	1.7958	+0.028%	$13K	$101K	20x	as long as short
MEXC RAY_USDT	+0.0197%	8h	1.7970	+0.095%	$12.7M	$2.5M	100x	as long as short
Lighter RAY	+0.0272%	1h	1.7989	+0.201%	$266K	$287K	5x	as long as short
BingX RAY-USDT	+0.0450%	4h	1.7960	+0.039%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.0612%	4h	1.7976	+0.128%	$253K	$248K	10x	as long as short