Funding you earn now, next payment 00:00 UTC−0.0295%/8h= −32.3% APRnext payment −$1.47 per $10,000 · paid last 24h 0.000%
Price spread now: Bitget against Orderly−0.110%7-day average −0.022% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.023%+$2 on $10k
+Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.110%, 7d avg −0.022%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bitget is 0.088% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.022%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.47 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 | Orderly PERP_RAY_USDC | 1.8220 | 0.0395 | pay 0.0197% / 4h | 2h 22m | $252K | $237K | 10x |
| Short | Bitget RAYUSDT | 1.8200 | 0.0100 | get 0.0050% / 4h | 2h 22m | $2.6M | $3.4M | 25x |
Orderly PERP_RAY_USDC
Bitget RAYUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bitget against Orderly. 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
- −$61.95
- Price spread: −0.110% → −0.022%
- −$8.77
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Bitget: 6 bp × 2 orders
- −$12
- Net
- −$88.72
- Costs to cover
- 0.180%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Bitget: live order book, 1 min ago. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
| Sell Bitget live order book, 1 min ago | 4.12 bp | 19.8 bp −$20 | 42.6 bp −$426 | doesn't fit | doesn't fit |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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_RAYUSD | −0.0047% | 1h | 1.8170 | −0.273% | $107K | $433K | 10x | as long as short |
| gTrade (Gains Network) RAY/USD | L +0.0001% / S +0.0056% | 1h | 1.8207 | −0.070% | $1K | — | 150x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −9.835% | $266 | $25 | 5.5x | as long as short |
| OKX RAY-USDT-SWAP | +0.0100% | 8h | 1.8183 | −0.203% | $4.6M | $13.1M | 20x | as long as short |
| Gate RAY_USDT | +0.0100% | 4h | 1.8214 | −0.033% | $578K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8215 | −0.027% | $2.0M | $761K | 50x | as long as short |
| Bitget RAYUSDTshort | +0.0100% | 4h | 1.8200 | −0.110% | $2.6M | $3.4M | 25x | |
| BingX RAY-USDT | +0.0100% | 4h | 1.8213 | −0.038% | — | $2.0M | — | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.8316 | +0.529% | $722K | $1.1M | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.8201 | −0.104% | $107K | $46K | 10x | as long as short |
Kraken Futures PF_RAYUSD
gTrade (Gains Network) RAY/USD
Injective RAY/USDC PERP
OKX RAY-USDT-SWAP
Gate RAY_USDT
KuCoin RAYUSDTM
BingX RAY-USDT
Variational Omni RAY
Bullet RAY-USDShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX RAY-USDT | +0.0100% | 4h | 1.8196 | −0.132% | — | $2.6M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.8215 | −0.027% | $15K | $148K | 20x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8228 | +0.044% | $256K | $850K | 20x | as long as short |
| Orderly PERP_RAY_USDClong | +0.0395% | 4h | 1.8220 | long leg | $252K | $237K | 10x | |
| MEXC RAY_USDT | +0.0485% | 8h | 1.8197 | −0.126% | $13.5M | $2.5M | 100x | as long as short |
| Lighter RAY | +0.0712% | 1h | 1.8229 | +0.049% | $300K | $265K | 5x | as long as short |
SunX RAY-USDT
HTX RAY-USDT
BloFin RAY-USDT
MEXC RAY_USDT
Lighter RAY