Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0549%/8h= −60.1% APRpaid last 24h +0.154%

Price spread now: BloFin against Kraken Futures+0.536%7-day average −0.170% · you sell dearer than you buy

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1971.970% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−1.751%−$175 · spread now +0.536%, 7d avg −0.170%

Together, before fees−1.649%−$165 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.705% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.536% now, against its 7-day average of −0.170%): +$71 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 4.3 days. Mind the row above: over the last 7 days funding on this pair paid +0.102%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.102% in total (about 5.3% 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	1.8103	0.0769	pay 0.0096% / 1h	28m 56s	$90K	$453K	10x
Short	BloFin RAY-USDT	1.8200	0.0220	get 0.0220% / 8h	5h 28m	$255K	$878K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.536%Rate

Funding earned: −$115.32
Price spread: +0.536% → −0.170%: $70.54
Slippage, 4 orders: −$175.01
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$241.79
Costs to cover: 1.970%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 34 min ago; BloFin: live order book, 13 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, 34 min ago	36.15 bp	80.1 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 13 min ago	2.23 bp	19.7 bp −$20	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	1.8148	+0.248%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0013%	8h	1.8242	+0.768%	$12.8M	$2.4M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.253%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8214	+0.613%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8240	+0.757%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8245	+0.784%	$2.0M	$780K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8244	+0.779%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8250	+0.812%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8095	−0.043%	$708K	$978K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8094	−0.050%	$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-USDT	+0.0100%	4h	1.8041	−0.342%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8079	−0.133%	$13K	$90K	20x	as long as short
Lighter RAY	+0.0216%	1h	1.8205	+0.564%	$265K	$288K	5x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8200	+0.536%	$255K	$878K	20x
Orderly PERP_RAY_USDC	+0.0633%	4h	1.8210	+0.591%	$323K	$398K	10x	as long as short
Kraken Futures PF_RAYUSDlong	+0.0769%	1h	1.8103	long leg	$90K	$453K	10x