RAY Funding Rate — live across 7 venues

Compared across 7 supported venues · net of estimated fees · updated every few minutes

Live annualized RAY perpetual funding across all 7 venues Perpia tracks. Right now RAY funding is positive on 4 and negative on 3, ranging from +10.9% on OKX to -21.9% on KuCoin — a spread of 32.9%. The widest delta-neutral trade is long Gate.io / short OKX at 27.5% net APR.

venues

paying positive

32.9%

funding spread

Best RAY spread now

27.5%

net APR after fees

Long Gate.io→Short OKX

size depends on live venue depth — see the real cap in the scanner

RAY funding trend & liquidity

168h of history

30.9%

current gross APR

13.2%

24h average

-0.9%

7-day average

$134K

pair OI · lower leg

$71K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

RAY funding rate history

30d · 6h buckets · 7 venues

83.4%0-93.7%

6 Aug5 Sep

RAY — average across 7 venuesBitgetKuCoinMEXCOKX

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +5.1%. A break in a line means no data was recorded for that stretch, not a zero rate.

RAY funding rate by venue

15 pairs scanned

Venue	Funding APR	Interval
OKX ↗	+10.9%	8h
BingX ↗	+10.9%	4h
Bitget ↗	+10.9%	4h
MEXC ↗	+5.5%	8h
Variational ↗	-9.5%	4h
Gate.io ↗	-19.9%	4h
KuCoin ↗	-21.9%	4h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Gate.io vs OKX page.

RAY arbitrage — 30-day backtest

long Gate.io · short OKX

-1.9%

backtested APR

−$16

historical net P&L on $10,000

0.21%

max drawdown

$10,000$9,984

30 days agostarting capital $10,000today

Over the last 30 days, holding long Gate.io / short OKX would have produced -1.9% APR — versus the 27.5% the live spread implies right now (equity $10,000 → $9,984). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

Loading RAY backtest…

RAY funding — FAQ

Is RAY funding positive right now?

RAY perpetual funding is positive on 4 of 7 venues Perpia tracks and negative on 3. The highest is +10.9% on OKX; the lowest is -21.9% on KuCoin.

What is the best RAY funding arbitrage right now?

Go long Gate.io and short OKX for about 27.5% net APR after fees — the widest delta-neutral RAY spread Perpia currently sees.

Which exchange has the highest RAY funding rate?

OKX, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.

How RAY funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to RAY

Markets also quoted on both Gate.io and OKX — the same two exchanges you would already have funded for the RAY trade.

See every spread between them on the Gate.io vs OKX page.

Open the live scanner →All funding rates Funding by exchange How we calculate this