Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Bitget−10.508%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 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 10.508% cheaper against Bitget than usual: you would sell low and buy high (−$1,051 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	Bitget RAYUSDT	1.8357	0.0100	pay 0.0050% / 4h	1h 00m	$2.7M	$3.6M	25x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	0m 59s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −10.508%Rate

Funding earned: −$14
Price spread: −10.508% → 0.000%: −$1,050.83
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,076.85
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 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 Bitget live order book, 2 min ago	3.00 bp	16.5 bp −$17	156.7 bp −$1,567	doesn't fit	doesn't fit
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 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	−0.2306%	1h	1.8302	−0.299%	$96K	$441K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8321	−0.197%	$2K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−10.508%	$266	$25	5.5x
MEXC RAY_USDT	+0.0050%	8h	1.8352	−0.027%	$13.3M	$2.6M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8345	−0.065%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8347	−0.054%	$572K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8332	−0.136%	$2.0M	$742K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8357	long leg	$2.7M	$3.6M	25x
BingX RAY-USDT	+0.0100%	4h	1.8339	−0.098%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8368	+0.060%	$728K	$1.0M	—	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	1.8325	−0.174%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8326	−0.169%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8323	−0.185%	$15K	$130K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8307	−0.272%	$259K	$863K	20x	as long as short
Lighter RAY	+0.0240%	1h	1.8370	+0.071%	$294K	$257K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0549%	4h	1.8356	−0.005%	$254K	$248K	10x	as long as short