Funding you earn now, next payment 03:00 UTC+0.0670%/8h= +73.4% APRpaid last 24h −0.117%
Price spread now: Kraken Futures against OKX+0.009%45s7-day average +0.158% · you sell dearer than you buy
Net, funding: paid 7d − costs−$209as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$2142.142% of the position
Funding, last 7 days+0.050%+$5 on $10k
+Price spread, last 4 days (all we have)+1.233%+$123 · spread now +0.009%, 7d avg +0.158%
=Funding pays, the price is against you. Kraken Futures is 0.149% cheaper against OKX than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.158%). If the spread goes back, that is −$15 on $10k: about 18 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.050% in total) that is about 21 days. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.050% in total (about 2.6% 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 | OKX RAY-USDT-SWAP | 1.8077 | 0.0100 | pay 0.0100% / 8h | 5h 29m | $4.5M | $13.0M | 20x |
| Short | Kraken Futures PF_RAYUSD | 1.8079 | 0.0770 | get 0.0096% / 1h | 29m 33s | $90K | $453K | 10x |
OKX RAY-USDT-SWAP
Kraken Futures PF_RAYUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against OKX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $140.74
- Price spread: +0.009% → +0.158%
- −$14.87
- Slippage, 4 orders
- −$194.15
- Fee OKX: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$88.29
- Costs to cover
- 2.142%
- Break-even
- 11.4 days
Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 33 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 OKX live order book, 4 min ago | 0.83 bp | 30.2 bp −$30 | 197.1 bp −$1,971 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 33 min ago | 36.15 bp | 76.0 bp −$76 | 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 | 1.8080 | +0.017% | $1K | — | 150x | as long as short |
| MEXC RAY_USDT | +0.0013% | 8h | 1.8045 | −0.177% | $12.6M | $2.4M | 100x | as long as short |
| Injective RAY/USDC PERP | +0.0033% | 1h | 1.6428 | −9.122% | $266 | $25 | 5.5x | as long as short |
| OKX RAY-USDT-SWAPlong | +0.0100% | 8h | 1.8077 | long leg | $4.5M | $13.0M | 20x | |
| Gate RAY_USDT | +0.0100% | 4h | 1.8045 | −0.177% | $573K | $1.1M | 25x | as long as short |
| KuCoin RAYUSDTM | +0.0100% | 4h | 1.8045 | −0.177% | $1.9M | $780K | 50x | as long as short |
| Bitget RAYUSDT | +0.0100% | 4h | 1.8048 | −0.160% | $2.6M | $3.7M | 25x | as long as short |
| BingX RAY-USDT | +0.0100% | 4h | 1.8044 | −0.183% | — | $2.0M | — | as long as short |
| Variational Omni RAY | +0.0100% | 4h | 1.8095 | +0.101% | $708K | $978K | — | as long as short |
| Bullet RAY-USD | +0.0100% | 1h | 1.8085 | +0.044% | $68K | $66K | 10x | as long as short |
gTrade (Gains Network) RAY/USD
MEXC RAY_USDT
Injective RAY/USDC PERP
Gate RAY_USDT
KuCoin RAYUSDTM
Bitget RAYUSDT
BingX RAY-USDT
Variational Omni RAY
Bullet RAY-USDShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX RAY-USDT | +0.0100% | 4h | 1.8090 | +0.072% | — | $2.4M | 10x | as long as short |
| HTX RAY-USDT | +0.0100% | 4h | 1.8079 | +0.011% | $13K | $90K | 20x | as long as short |
| Lighter RAY | +0.0216% | 1h | 1.8089 | +0.066% | $265K | $287K | 5x | as long as short |
| BloFin RAY-USDT | +0.0220% | 8h | 1.8089 | +0.066% | $255K | $873K | 20x | as long as short |
| Orderly PERP_RAY_USDC | +0.0627% | 4h | 1.8122 | +0.249% | $321K | $398K | 10x | as long as short |
| Kraken Futures PF_RAYUSDshort | +0.0770% | 1h | 1.8079 | +0.009% | $90K | $453K | 10x |
SunX RAY-USDT
HTX RAY-USDT
Lighter RAY
BloFin RAY-USDT
Orderly PERP_RAY_USDC