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: Kraken Futures against MEXC+0.137%7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$177as in the Price arb table

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

Long on MEXC Short on Kraken Futures

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

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.7636	0.0150	pay 0.0150% / 8h	4h 45m	$11.1M	$2.5M	100x
Short	Kraken Futures PF_RAYUSD	1.7660	−0.0687	pay 0.0086% / 1h	45m 36s	$94K	$424K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$175.72
Price spread: +0.137% → +0.109%: $2.88
Slippage, 4 orders: −$166.04
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$352.88
Costs to cover: 1.800%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Kraken Futures: live order book, 60 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 MEXC live order book, 6 min ago	3.13 bp	7.6 bp −$8	44.6 bp −$446	103.4 bp −$10.3K	doesn't fit
Sell Kraken Futures live order book, 60 min ago	32.71 bp	38.9 bp −$39	doesn't fit	doesn't fit	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_RAYUSDshort	−0.0687%	1h	1.7660	+0.137%	$94K	$424K	10x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7599	−0.209%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.850%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7652	+0.091%	$218K	$336K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7633	−0.017%	$4.1M	$11.6M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7636	0.000%	$563K	$859K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7627	−0.051%	$1.8M	$790K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7631	−0.028%	$2.6M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7637	+0.006%	—	$1.9M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7581	−0.312%	$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	−0.137%	$66K	$26K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7634	−0.011%	—	$1.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7660	+0.136%	$13K	$70K	20x	as long as short
BloFin RAY-USDT	+0.0109%	8h	1.7636	0.000%	$244K	$827K	20x	as long as short
MEXC RAY_USDTlong	+0.0150%	8h	1.7636	long leg	$11.1M	$2.5M	100x
Orderly PERP_RAY_USDC	+0.1581%	4h	1.7632	−0.023%	$292K	$363K	10x	as long as short