Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0147%/8h= +16.1% APRpaid last 24h +0.078%

Price spread now: Bitget against Kraken Futures+0.019%7-day average −0.122% · you sell dearer than you buy

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1471.474% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 3 days (all we have)−0.586%−$59 · spread now +0.019%, 7d avg −0.122%

Together, before fees−0.613%−$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bitget is 0.141% dearer against Kraken Futures than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.122%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_RAYUSD	1.8175	−0.0047	get 0.0006% / 1h	10m 56s	$107K	$433K	10x
Short	Bitget RAYUSDT	1.8179	0.0100	get 0.0050% / 4h	2h 10m	$2.6M	$3.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.019%Rate

Funding earned: $30.93
Price spread: +0.019% → −0.122%: $14.14
Slippage, 4 orders: −$125.42
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$102.35
Costs to cover: 1.474%
Break-even: 30.2 days

Slippage from Kraken Futures: live order book, 12 min ago; Bitget: live order book, 7 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, 12 min ago	47.31 bp	57.0 bp −$57	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 7 min ago	4.39 bp	16.6 bp −$17	54.1 bp −$541	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
MEXC RAY_USDT	−0.0281%	8h	1.8188	+0.069%	$13.5M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSDlong	−0.0047%	1h	1.8175	long leg	$107K	$433K	10x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8187	+0.063%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.615%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8166	−0.052%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8190	+0.080%	$577K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8193	+0.096%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.8179	+0.019%	$2.6M	$3.4M	25x
BingX RAY-USDT	+0.0100%	4h	1.8193	+0.096%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8223	+0.262%	$716K	$1.1M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8194	+0.103%	$107K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8196	+0.113%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8169	−0.036%	$15K	$145K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8176	+0.003%	$257K	$850K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0410%	4h	1.8201	+0.140%	$252K	$250K	10x	as long as short
Lighter RAY	+0.0560%	1h	1.8218	+0.234%	$299K	$266K	5x	as long as short