Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h +0.081%

Price spread now: Lighter against BingX+0.156%7-day average +0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

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

costs, in and out, $10k−$730.726% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.283%+$28 on $10k

Price spread, last 4 days (all we have)+0.229%+$23 · spread now +0.156%, 7d avg +0.185%

Together, before fees+0.512%+ Points / potential airdropLighter: Season 3 · farm board+$51 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.029% cheaper against BingX than usual: you would sell low and buy high (spread +0.156% now, against its 7-day average of +0.185%). If the spread goes back, that is −$3 on $10k: about 15 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.7938	0.0100	pay 0.0050% / 4h	2h 31m	—	$2.0M	—
Short	Lighter RAY	1.7966	0.0256	get 0.0032% / 1h	31m 45s	$267K	$286K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.156%Rate

Funding earned: $32.76
Price spread: +0.156% → +0.185%: −$2.91
Slippage, 4 orders: −$62.62
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$42.77
Costs to cover: 0.726%
Break-even: 16.1 days

Slippage from BingX: live order book, 6 min ago; Lighter: live order book, 19 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, 6 min ago	2.52 bp	13.2 bp −$13	42.8 bp −$428	360.2 bp −$36.0K	674.0 bp −$337.0K
Sell Lighter live order book, 19 min ago	7.21 bp	22.4 bp −$22	130.9 bp −$1,309	doesn't fit	doesn't fit

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	1.7912	−0.148%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7956	+0.098%	$89K	$448K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.418%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7936	−0.011%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7914	−0.134%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7902	−0.201%	$553K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7924	−0.078%	$1.9M	$777K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7927	−0.061%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDTlong	+0.0100%	4h	1.7938	long leg	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7882	−0.314%	$699K	$1.0M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7938	−0.001%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7941	+0.017%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7921	−0.095%	$13K	$104K	20x	as long as short
Lighter RAYshort	+0.0256%	1h	1.7966	+0.156%	$267K	$286K	5x
Orderly PERP_RAY_USDC	+0.0594%	4h	1.7956	+0.100%	$253K	$248K	10x	as long as short