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: Gate against BloFin−0.115%48s7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$142as 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−$1231.228% of the position

Long on BloFin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.191%−$19 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.115%, 7d avg +0.021%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Gate is 0.136% cheaper against BloFin than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.021%). Swap the legs. The two prices were read 48 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	1.8274	0.0220	pay 0.0220% / 8h	1h 54m	$255K	$862K	20x
Short	Gate RAY_USDT	1.8253	0.0100	get 0.0050% / 4h	1h 54m	$577K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.115%Rate

Funding earned: −$25.2
Price spread: −0.115% → +0.021%: −$13.62
Slippage, 4 orders: −$95.85
Fee BloFin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$161.66
Costs to cover: 1.228%
Break-even: never at this rate

Slippage from BloFin: live order book, 28 min ago; Gate: live order book, 3 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, 28 min ago	1.10 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	8.48 bp	45.6 bp −$46	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	−0.2321%	1h	1.8184	−0.491%	$98K	$453K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8235	−0.216%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0001%	8h	1.8239	−0.192%	$13.4M	$2.5M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.102%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8201	−0.399%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.8253	−0.115%	$577K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8264	−0.055%	$2.0M	$777K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8247	−0.148%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8263	−0.060%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8277	+0.016%	$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	1.8232	−0.230%	$107K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8257	−0.093%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8279	+0.027%	$15K	$141K	20x	as long as short
Lighter RAY	+0.0160%	1h	1.8252	−0.120%	$298K	$248K	5x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8274	long leg	$255K	$862K	20x
Orderly PERP_RAY_USDC	+0.0440%	4h	1.8250	−0.131%	$253K	$250K	10x	as long as short