Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h −0.047%

Price spread now: gTrade (Gains Network) against Bitget−0.002%7-day average — · you buy dearer than you sell

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

Long on Bitget Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8425	0.0100	pay 0.0050% / 4h	1h 17m	$2.7M	$3.5M	25x
Short	gTrade (Gains Network) RAY/USD	1.8425	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	17m 18s	$2K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.002%Rate

Funding earned: −$32.67
Price spread: −0.002% → 0.000%: −$0.22
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$54.89
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, just now; gTrade (Gains Network): 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 Bitget live order book, just now	4.61 bp	19.2 bp −$19	79.2 bp −$792	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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 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	−0.2285%	1h	1.8474	+0.265%	$99K	$438K	10x	as long as short
MEXC RAY_USDT	−0.0382%	8h	1.8425	0.000%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8425	−0.002%	$2K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.839%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8447	+0.119%	$298K	$252K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8413	−0.065%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8413	−0.065%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8422	−0.016%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8425	long leg	$2.7M	$3.5M	25x
BingX RAY-USDT	+0.0100%	4h	1.8427	+0.011%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8429	+0.023%	$732K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8422	−0.016%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8477	+0.282%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8460	+0.190%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8409	−0.087%	$259K	$867K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0497%	4h	1.8449	+0.130%	$256K	$248K	10x	as long as short