Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0448%/8h= −49.0% APRpaid last 24h −0.048%

Price spread now: OKX against Orderly−0.077%7-day average −0.066% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 3 days (all we have)+0.084%+$8 · spread now −0.077%, 7d avg −0.066%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.066%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.083% in total (about -4.3% 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	Orderly PERP_RAY_USDC	1.8200	0.0548	pay 0.0274% / 4h	3h 29m	$256K	$242K	10x
Short	OKX RAY-USDT-SWAP	1.8186	0.0100	get 0.0100% / 8h	7h 29m	$4.6M	$13.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Orderly. 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 OrderlybpFee OKXbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$93.99
Price spread: −0.077% → −0.066%: −$1.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$111.09
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; OKX: live order book, 4 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	1.38 bp	31.0 bp −$31	190.7 bp −$1,907	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_RAYUSD	−0.1797%	1h	1.8189	−0.060%	$96K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8175	−0.136%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.736%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8185	−0.082%	$12.9M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8186	−0.077%	$4.6M	$13.2M	20x
Gate RAY_USDT	+0.0100%	4h	1.8183	−0.093%	$566K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8178	−0.121%	$2.0M	$763K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8201	+0.005%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8183	−0.095%	$712K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8174	−0.140%	$107K	$44K	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	1.8175	−0.137%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8164	−0.198%	$15K	$109K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8180	−0.110%	$254K	$868K	20x	as long as short
Lighter RAY	+0.0240%	1h	1.8210	+0.055%	$275K	$280K	5x	as long as short
BingX RAY-USDT	+0.0360%	4h	1.8186	−0.077%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDClong	+0.0548%	4h	1.8200	long leg	$256K	$242K	10x