Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against Bitget−0.155%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$186as in the Price arb table

costs, in and out, $10k−$1711.711% of the position

Long on Bitget Short on SunX

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.155%, 7d avg −0.008%

Together, before fees+0.048%+$5 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: SunX is 0.148% cheaper against Bitget than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.7391	0.0100	pay 0.0050% / 4h	2h 39m	$2.6M	$4.0M	25x
Short	SunX RAY-USDT	1.7364	0.0100	get 0.0050% / 4h	2h 39m	—	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.155%Rate

Funding earned: $0
Price spread: −0.155% → −0.008%: −$14.77
Slippage, 4 orders: −$151.1
Fee Bitget: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$185.87
Costs to cover: 1.711%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; SunX: live order book, 8 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	3.74 bp	21.7 bp −$22	158.0 bp −$1,580	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	45.30 bp	64.1 bp −$64	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	−0.1585%	1h	1.7448	+0.326%	$86K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7354	−0.212%	$429	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.537%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7384	−0.040%	$11.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7371	−0.115%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7364	−0.155%	$544K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7367	−0.138%	$1.9M	$831K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.7391	long leg	$2.6M	$4.0M	25x
BingX RAY-USDT	+0.0100%	4h	1.7378	−0.075%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7383	−0.048%	$670K	$870K	—	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	1.7362	−0.167%	$65K	$66K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.7364	−0.155%	—	$2.4M	10x
HTX RAY-USDT	+0.0100%	4h	1.7373	−0.104%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7346	−0.259%	$246K	$924K	20x	as long as short
Lighter RAY	+0.0464%	1h	1.7401	+0.058%	$245K	$308K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1834%	4h	1.7401	+0.058%	$312K	$391K	10x	as long as short