Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.042%

Price spread now: Bullet against BloFin+0.140%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$490.485% of the position

Long on BloFin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.096%−$10 on $10k

Price spread, last 3 days (all we have)−0.109%−$11 · spread now +0.140%, 7d avg +0.045%

Together, before fees−0.205%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.096% dearer against BloFin than usual: you sell high and buy low (spread +0.140% now, against its 7-day average of +0.045%): +$10 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.8545	0.0220	pay 0.0220% / 8h	7h 13m	$255K	$886K	20x
Short	Bullet RAY-USD	1.8571	0.0100	get 0.0013% / 1h	13m 05s	$70K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.140%Rate

Funding earned: −$25.2
Price spread: +0.140% → +0.045%: $9.56
Slippage, 4 orders: −$28.51
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$64.15
Costs to cover: 0.485%
Break-even: never at this rate

Slippage from BloFin: live order book, 59 min ago; Bullet: live order book, 61 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, 59 min ago	0.55 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Bullet live order book, 61 min ago	0.28 bp	5.7 bp −$6	10.4 bp −$104	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	−0.1753%	1h	1.8645	+0.539%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8553	+0.044%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.415%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8570	+0.135%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8559	+0.075%	$4.7M	$13.5M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8566	+0.113%	$570K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8562	+0.092%	$2.0M	$770K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8566	+0.113%	$2.7M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8511	−0.185%	$725K	$1.0M	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.8571	+0.140%	$70K	$66K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8561	+0.086%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8555	+0.054%	$13K	$110K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8545	long leg	$255K	$886K	20x
Lighter RAY	+0.0504%	1h	1.8601	+0.302%	$278K	$284K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0573%	4h	1.8593	+0.259%	$264K	$247K	10x	as long as short
BingX RAY-USDT	+0.0618%	4h	1.8574	+0.156%	—	$2.0M	—	as long as short