Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.055%

Price spread now: Injective against BingX−8.198%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 8.198% cheaper against BingX than usual: you would sell low and buy high (−$820 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.7895	0.0100	pay 0.0050% / 4h	2h 32m	—	$2.0M	—
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	32m 53s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −8.198%Rate

Funding earned: −$14
Price spread: −8.198% → 0.000%: −$819.78
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$843.8
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 5 min ago; Injective: no order-book sample. 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 BingX live order book, 5 min ago	2.52 bp	13.2 bp −$13	42.8 bp −$428	360.2 bp −$36.0K	674.0 bp −$337.0K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 15 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7892	−0.015%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7917	+0.123%	$89K	$448K	10x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−8.198%	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7880	−0.084%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7881	−0.078%	$553K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7876	−0.106%	$1.9M	$777K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7884	−0.061%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDTlong	+0.0100%	4h	1.7895	long leg	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7882	−0.074%	$699K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7900	+0.027%	$67K	$66K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7864	−0.173%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7911	+0.089%	$13K	$104K	20x	as long as short
Lighter RAY	+0.0200%	1h	1.7885	−0.056%	$266K	$286K	5x	as long as short
MEXC RAY_USDT	+0.0392%	8h	1.7895	0.000%	$12.7M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0592%	4h	1.7913	+0.101%	$252K	$248K	10x	as long as short