Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0276%/8h= −30.2% APRpaid last 24h −0.045%

Price spread now: gTrade (Gains Network) against BloFin+0.083%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. gTrade (Gains Network) is 0.083% dearer against BloFin than usual: you sell high and buy low (spread +0.083% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.8481	0.0220	pay 0.0220% / 8h	1h 32m	$254K	$870K	20x
Short	gTrade (Gains Network) RAY/USD	1.8496	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	32m 59s	$2K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.083%Rate

Funding earned: −$57.87
Price spread: +0.083% → 0.000%: $8.33
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$71.54
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 49 min ago; gTrade (Gains Network): 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 BloFin live order book, 49 min ago	1.10 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.2281%	1h	1.8504	+0.124%	$99K	$448K	10x	as long as short
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8496	+0.083%	$2K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.109%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8485	+0.022%	$13.6M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.8525	+0.238%	$300K	$250K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8463	−0.097%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8485	+0.022%	$590K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8495	+0.076%	$2.0M	$768K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8487	+0.032%	$2.7M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8489	+0.043%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8592	+0.603%	$734K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8493	+0.065%	$109K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8512	+0.168%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8658	+0.958%	$15K	$137K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8481	long leg	$254K	$870K	20x
Orderly PERP_RAY_USDC	+0.0466%	4h	1.8510	+0.157%	$256K	$249K	10x	as long as short