Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0837%/8h= +91.6% APRpaid last 24h +0.148%

Price spread now: MEXC against Kraken Futures−0.137%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$247as in the Funding arb table

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

costs, in and out, $10k−$1801.800% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.671%−$67 on $10k

Price spread, last 4 days (all we have)−0.085%−$8 · spread now −0.137%, 7d avg −0.109%

Together, before fees−0.755%−$76 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.029% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.137% now, against its 7-day average of −0.109%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$25 a day). Mind the row above: over the last 7 days funding on this pair cost −0.671%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_RAYUSD	1.7660	−0.0687	get 0.0086% / 1h	45m 37s	$94K	$424K	10x
Short	MEXC RAY_USDT	1.7636	0.0150	get 0.0150% / 8h	4h 45m	$11.1M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 MEXCbpOrdersPrice spread, now −0.137%Rate

Funding earned: $175.72
Price spread: −0.137% → −0.109%: −$2.86
Slippage, 4 orders: −$166.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$7.18
Costs to cover: 1.800%
Break-even: 7.3 days

Slippage from Kraken Futures: live order book, 60 min ago; MEXC: live order book, 6 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, 60 min ago	32.71 bp	126.1 bp −$126	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	3.13 bp	7.4 bp −$7	36.2 bp −$362	99.0 bp −$9,898	doesn't fit

RAY on 16 exchanges

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_RAYUSDlong	−0.0687%	1h	1.7660	long leg	$94K	$424K	10x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7599	−0.346%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.977%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7652	−0.047%	$218K	$336K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7633	−0.154%	$4.1M	$11.6M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7636	−0.137%	$563K	$859K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7627	−0.188%	$1.8M	$790K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7631	−0.166%	$2.6M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7637	−0.132%	—	$1.9M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7581	−0.449%	$618K	$742K	—	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7612	−0.274%	$66K	$26K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7634	−0.149%	—	$1.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7660	−0.001%	$13K	$70K	20x	as long as short
BloFin RAY-USDT	+0.0109%	8h	1.7636	−0.137%	$244K	$827K	20x	as long as short
MEXC RAY_USDTshort	+0.0150%	8h	1.7636	−0.137%	$11.1M	$2.5M	100x
Orderly PERP_RAY_USDC	+0.1581%	4h	1.7632	−0.160%	$292K	$363K	10x	as long as short