Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0187%/8h= −20.4% APRpaid last 24h −0.033%

Price spread now: Injective against BloFin−9.233%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Injective is 9.233% cheaper against BloFin than usual: you would sell low and buy high (−$923 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.8099	0.0220	pay 0.0220% / 8h	4h 02m	$256K	$915K	20x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	2m 49s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −9.233%Rate

Funding earned: −$39.2
Price spread: −9.233% → 0.000%: −$923.26
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$974.48
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 34 min ago; Injective: 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, 34 min ago	3.05 bp	20.1 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.3793%	1h	1.8017	−0.450%	$91K	$423K	10x	as long as short
MEXC RAY_USDT	−0.0347%	8h	1.8031	−0.376%	$12.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8037	−0.342%	$1K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−9.233%	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8015	−0.464%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8020	−0.436%	$580K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8027	−0.398%	$1.9M	$788K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8012	−0.481%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8033	−0.365%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7978	−0.667%	$697K	$868K	—	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	1.8056	−0.238%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8066	−0.182%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8029	−0.387%	$13K	$90K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8099	long leg	$256K	$915K	20x
Lighter RAY	+0.0456%	1h	1.8077	−0.122%	$261K	$311K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1322%	4h	1.8087	−0.066%	$324K	$400K	10x	as long as short