Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.108%

Price spread now: Lighter against Bitget+0.342%7-day average +0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$740.744% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.503%+$50 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.342%, 7d avg +0.185%

Together, before fees+0.477%+ Points / potential airdropLighter: Season 3 · farm board+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Lighter is 0.157% dearer against Bitget than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.185%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8134	0.0100	pay 0.0050% / 4h	34m 37s	$2.6M	$3.6M	25x
Short	Lighter RAY	1.8196	0.0448	get 0.0056% / 1h	34m 37s	$289K	$254K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.342%Rate

Funding earned: $73.08
Price spread: +0.342% → +0.185%: $15.68
Slippage, 4 orders: −$62.45
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $14.31
Costs to cover: 0.744%
Break-even: 5.6 days

Slippage from Bitget: live order book, 3 min ago; Lighter: live order book, 26 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, 3 min ago	3.02 bp	19.5 bp −$20	76.0 bp −$760	doesn't fit	doesn't fit
Sell Lighter live order book, 26 min ago	5.16 bp	15.3 bp −$15	119.5 bp −$1,195	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	−0.2416%	1h	1.8162	+0.154%	$96K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8163	+0.161%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.408%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8156	+0.121%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8124	−0.055%	$4.6M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8151	+0.094%	$564K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8163	+0.160%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8134	long leg	$2.6M	$3.6M	25x
BingX RAY-USDT	+0.0100%	4h	1.8155	+0.116%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8179	+0.248%	$722K	$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	1.8162	+0.154%	$107K	$45K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8165	+0.171%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8144	+0.055%	$15K	$123K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8169	+0.193%	$260K	$857K	20x	as long as short
Lighter RAYshort	+0.0448%	1h	1.8196	+0.342%	$289K	$254K	5x
Orderly PERP_RAY_USDC	+0.0596%	4h	1.8192	+0.320%	$252K	$247K	10x	as long as short