Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.032%

Price spread now: BingX against Bitget+0.032%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$750.745% of the position

Long on Bitget Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 7 days−0.083%−$8 · spread now +0.032%, 7d avg −0.016%

Together, before fees+0.140%+$14 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: BingX is 0.049% dearer against Bitget than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8506	0.0100	pay 0.0050% / 4h	1h 39m	$2.7M	$3.4M	25x
Short	BingX RAY-USDT	1.8512	0.0100	get 0.0050% / 4h	1h 39m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bitget. 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 BitgetbpFee BingXbpOrdersPrice spread, now +0.032%Rate

Funding earned: $0
Price spread: +0.032% → −0.016%: $4.88
Slippage, 4 orders: −$52.53
Fee Bitget: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$69.64
Costs to cover: 0.745%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; BingX: live order book, 9 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 Bitget live order book, 4 min ago	4.31 bp	21.0 bp −$21	76.7 bp −$767	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	2.19 bp	15.7 bp −$16	40.9 bp −$409	291.8 bp −$29.2K	674.3 bp −$337.1K

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	−0.2287%	1h	1.8459	−0.252%	$99K	$453K	10x	as long as short
MEXC RAY_USDT	−0.0229%	8h	1.8505	−0.005%	$13.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8513	+0.038%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.229%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8538	+0.173%	$301K	$249K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8493	−0.070%	$4.6M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8498	−0.043%	$591K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8519	+0.070%	$2.1M	$764K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8506	long leg	$2.7M	$3.4M	25x
BingX RAY-USDTshort	+0.0100%	4h	1.8512	+0.032%	—	$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	1.8578	+0.388%	$739K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8500	−0.031%	$109K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8573	+0.362%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8557	+0.276%	$15K	$138K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8503	−0.016%	$255K	$872K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0458%	4h	1.8522	+0.086%	$257K	$249K	10x	as long as short