RAY

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0502%/8h= −54.9% APRnext payment −$2.51 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against Orderly+0.088%7-day average −0.033% · you sell dearer than you buy

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

Long on Orderly Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 3 days (all we have)−0.297%−$30 · spread now +0.088%, 7d avg −0.033%

Together, before fees−0.258%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.121% dearer against Orderly than usual: you sell high and buy low (spread +0.088% now, against its 7-day average of −0.033%): +$12 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 19 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.039% in total (about 2.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.51 per $10,000. 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	1.8137	0.0602	pay 0.0301% / 4h	21m 14s	$251K	$247K	10x
Short	SunX RAY-USDT	1.8153	0.0100	get 0.0050% / 4h	21m 14s	—	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$105.37
Price spread: +0.088% → −0.033%: $12.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$107.22
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; SunX: live order book, 6 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 SunX live order book, 6 min ago	45.05 bp	64.0 bp −$64	doesn't fit	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	−0.2428%	1h	1.8068	−0.381%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8135	−0.012%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.423%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8144	+0.039%	$13.0M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8107	−0.165%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8130	−0.039%	$564K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8141	+0.022%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8144	+0.039%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8143	+0.033%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8146	+0.047%	$707K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8143	+0.035%	$107K	$44K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.8153	+0.088%	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8091	−0.254%	$15K	$120K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8119	−0.099%	$258K	$855K	20x	as long as short
Lighter RAY	+0.0424%	1h	1.8163	+0.143%	$287K	$259K	5x	as long as short
Orderly PERP_RAY_USDClong	+0.0602%	4h	1.8137	long leg	$251K	$247K	10x