Funding arb · Price arb /

RAY

all RAY markets

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 0.000%

Price spread now: HTX against Bitget−0.103%7-day average −0.031% · you buy dearer than you sell

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

Long on Bitget Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 3 days (all we have)+0.237%+$24 · spread now −0.103%, 7d avg −0.031%

Together, before fees+0.254%+$25 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: HTX is 0.072% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8378	0.0100	pay 0.0050% / 4h	2h 37m	$2.6M	$3.3M	25x
Short	HTX RAY-USDT	1.8359	0.0100	get 0.0050% / 4h	2h 37m	$15K	$152K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.103%Rate

Funding earned: $0
Price spread: −0.103% → −0.031%: −$7.23
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$31.23
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 5 min ago; HTX: live order book, 48 min ago. 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, 5 min ago	1.37 bp	18.2 bp −$18	52.5 bp −$525	doesn't fit	doesn't fit
Sell HTX live order book, 48 min ago	65.14 bp	doesn't fit	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	1.8397	+0.102%	$109K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8344	−0.183%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.611%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8362	−0.087%	$13.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8359	−0.103%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8347	−0.169%	$585K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8356	−0.120%	$2.1M	$756K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8378	long leg	$2.6M	$3.3M	25x
BingX RAY-USDT	+0.0100%	4h	1.8360	−0.098%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8276	−0.555%	$722K	$1.1M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8346	−0.175%	$108K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8321	−0.310%	—	$2.6M	10x	as long as short
HTX RAY-USDTshort	+0.0100%	4h	1.8359	−0.103%	$15K	$152K	20x
BloFin RAY-USDT	+0.0220%	8h	1.8249	−0.702%	$258K	$849K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0351%	4h	1.8367	−0.060%	$254K	$237K	10x	as long as short
Lighter RAY	+0.0624%	1h	1.8388	+0.054%	$321K	$247K	5x	as long as short