RAY

Alert

Spread before costs (cost unknown: a leg has no order-book sample)+7.800%

7d average—if it closes, per $10,000$780funding while held, a day+$22.55

Long on Injective Short on Kraken Futures

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective RAY/USDC PERP	1.6428	0.0033	pay 0.0004% / 1h	15m 27s	$266	$25	5.5x
Short	Kraken Futures PF_RAYUSD	1.7709	0.0785	get 0.0098% / 1h	15m 27s	$83K	$367K	10x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee InjectivebpFee Kraken FuturesbpOrdersClose when spread is

Spread captured: $779.99
Funding while held: $22.55
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $792.52
Spread needed to break even: 0.100%

Slippage unknown: Injective: no order-book sample; Kraken Futures: live order book, 29 min ago. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0752%
Per $10,000 a day: +$22.55
Average in range /8h: —

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 Injective no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 29 min ago	34.67 bp	77.2 bp −$77	doesn't fit	doesn't fit	doesn't fit

Injective: 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 price on every exchange

against the cheapest. Click to use as the short leg.

Injective1.6428cheapest

Variational Omni1.7664+7.524%

BloFin1.7677+7.603%

KuCoin1.7698+7.731%

SunX1.7701+7.749%

HTX1.7701+7.749%

BingX1.7708+7.792%

Kraken Futures1.7709+7.800%

MEXC1.7711+7.810%

Gate1.7713+7.822%

Bullet1.7717+7.849%

Orderly1.7718+7.852%

gTrade (Gains Network)1.7723+7.883%

OKX1.7724+7.889%

Bitget1.7731+7.932%

Lighter1.7767+8.151%

RAY on 16 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective RAY/USDC PERPlong	0.000%	+0.0033%	1h	$266	$25	5.5x
Variational Omni RAY	+7.524%	−0.0681%	4h	$622K	$945K	—	as long as short
BloFin RAY-USDT	+7.603%	+0.0011%	8h	$258K	$806K	20x	as long as short
KuCoin RAYUSDTM	+7.731%	−0.0074%	4h	$2.1M	$620K	50x	as long as short
SunX RAY-USDT	+7.749%	+0.0100%	4h	—	$2.6M	10x	as long as short
HTX RAY-USDT	+7.749%	+0.0100%	4h	$14K	$212K	20x	as long as short
BingX RAY-USDT	+7.792%	+0.0100%	4h	—	$2.0M	—	as long as short
Kraken Futures PF_RAYUSDshort	+7.800%	+0.0785%	1h	$83K	$367K	10x
MEXC RAY_USDT	+7.810%	+0.0050%	8h	$13.7M	$2.0M	100x	as long as short
Gate RAY_USDT	+7.822%	+0.0100%	4h	$631K	$818K	25x	as long as short

Show all 16 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Bullet RAY-USD	+7.849%	+0.0065%	1h	$104K	$47K	10x	as long as short
Orderly PERP_RAY_USDC	+7.852%	+0.0100%	4h	$233K	$164K	10x	as long as short
gTrade (Gains Network) RAY/USD	+7.883%	L +0.0001% / S +0.0056%	1h	$2K	—	150x	as long as short
OKX RAY-USDT-SWAP	+7.889%	−0.0102%	8h	$4.5M	$11.5M	20x	as long as short
Bitget RAYUSDT	+7.932%	+0.0100%	4h	$2.6M	$2.8M	25x	as long as short
Lighter RAY	+8.151%	+0.0520%	1h	$342K	$183K	5x	as long as short