Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.035%

Price spread now: Bitget against BingX−0.062%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$690.687% of the position

Long on BingX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.226%−$23 on $10k

Price spread, last 7 days+0.122%+$12 · spread now −0.062%, 7d avg +0.013%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.074% cheaper against BingX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.7860	0.0100	pay 0.0050% / 4h	3h 33m	—	$2.0M	—
Short	Bitget RAYUSDT	1.7849	0.0100	get 0.0050% / 4h	3h 33m	$2.6M	$3.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against BingX. 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 BingXbpFee BitgetbpOrdersPrice spread, now −0.062%Rate

Funding earned: $0
Price spread: −0.062% → +0.013%: −$7.43
Slippage, 4 orders: −$46.68
Fee BingX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$76.11
Costs to cover: 0.687%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Bitget: live order book, 4 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 BingX live order book, 14 min ago	2.52 bp	17.2 bp −$17	60.3 bp −$603	414.8 bp −$41.5K	766.3 bp −$383.2K
Sell Bitget live order book, 4 min ago	3.36 bp	19.8 bp −$20	63.4 bp −$634	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
Kraken Futures PF_RAYUSD	−0.2692%	1h	1.7827	−0.187%	$90K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7841	−0.105%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.018%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7854	−0.034%	$12.4M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.7872	+0.067%	$256K	$302K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7844	−0.090%	$4.3M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7853	−0.039%	$577K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7854	−0.034%	$1.9M	$783K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7849	−0.062%	$2.6M	$3.8M	25x
BingX RAY-USDTlong	+0.0100%	4h	1.7860	long leg	—	$2.0M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.7837	−0.127%	$692K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7840	−0.112%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7828	−0.179%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7871	+0.062%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7862	+0.011%	$248K	$935K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1537%	4h	1.7877	+0.095%	$321K	$400K	10x	as long as short