Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h +0.002%

Price spread now: Bitget against BloFin+0.061%105s7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$850.846% of the position

Long on BloFin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 3 days (all we have)−0.113%−$11 · spread now +0.061%, 7d avg +0.049%

Together, before fees−0.196%−$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.049%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.8176	0.0220	pay 0.0220% / 8h	1h 51m	$254K	$857K	20x
Short	Bitget RAYUSDT	1.8187	0.0100	get 0.0050% / 4h	1h 51m	$2.6M	$3.4M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against BloFin. 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 BloFinbpFee BitgetbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$25.2
Price spread: +0.061% → +0.049%: $1.18
Slippage, 4 orders: −$60.55
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$108.57
Costs to cover: 0.846%
Break-even: never at this rate

Slippage from BloFin: live order book, 30 min ago; Bitget: live order book, 1 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 BloFin live order book, 30 min ago	1.10 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.57 bp	21.2 bp −$21	59.3 bp −$593	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	−0.2321%	1h	1.8188	+0.063%	$98K	$453K	10x	as long as short
MEXC RAY_USDT	−0.0180%	8h	1.8192	+0.088%	$13.3M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8185	+0.049%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.617%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8184	+0.044%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8176	0.000%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8180	+0.022%	$2.0M	$776K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.8187	+0.061%	$2.6M	$3.4M	25x
BingX RAY-USDT	+0.0100%	4h	1.8180	+0.022%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8277	+0.555%	$715K	$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	1.8175	−0.006%	$107K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8191	+0.083%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8186	+0.055%	$15K	$141K	20x	as long as short
Lighter RAY	+0.0144%	1h	1.8199	+0.127%	$297K	$248K	5x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8176	long leg	$254K	$857K	20x
Orderly PERP_RAY_USDC	+0.0437%	4h	1.8190	+0.077%	$252K	$250K	10x	as long as short