Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0162%/8h= −17.7% APRpaid last 24h −0.034%

Price spread now: BloFin against BingX+0.350%51s7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as 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−$730.726% of the position

Long on BingX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 3 days (all we have)−0.286%−$29 · spread now +0.350%, 7d avg −0.039%

Together, before fees−0.427%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.389% dearer against BingX than usual: you sell high and buy low (spread +0.350% now, against its 7-day average of −0.039%): +$39 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 8.0 days. At the pace of the last 7 days (−0.140% in total) that is about 19 days. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.8292	0.0382	pay 0.0191% / 4h	2h 54m	—	$2.0M	—
Short	BloFin RAY-USDT	1.8356	0.0220	get 0.0220% / 8h	2h 54m	$259K	$851K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.350%Rate

Funding earned: −$34.02
Price spread: +0.350% → −0.039%: $38.91
Slippage, 4 orders: −$50.57
Fee BingX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$67.68
Costs to cover: 0.726%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; BloFin: live order book, 32 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, 9 min ago	2.17 bp	14.8 bp −$15	44.0 bp −$440	320.3 bp −$32.0K	686.7 bp −$343.3K
Sell BloFin live order book, 32 min ago	4.87 bp	19.5 bp −$19	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
Kraken Futures PF_RAYUSD	−0.0047%	1h	1.8280	−0.068%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8297	+0.026%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.190%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8296	+0.022%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8286	−0.033%	$587K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8282	−0.055%	$2.1M	$759K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8283	−0.049%	$2.6M	$3.3M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8358	+0.363%	$724K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8286	−0.033%	$107K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8296	+0.022%	—	$2.6M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8304	+0.066%	$15K	$155K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8356	+0.350%	$259K	$851K	20x
Orderly PERP_RAY_USDC	+0.0306%	4h	1.8308	+0.087%	$255K	$230K	10x	as long as short
Lighter RAY	+0.0336%	1h	1.8379	+0.476%	$330K	$237K	5x	as long as short
MEXC RAY_USDT	+0.0339%	8h	1.8277	−0.082%	$13.7M	$2.5M	100x	as long as short
BingX RAY-USDTlong	+0.0382%	4h	1.8292	long leg	—	$2.0M	—