Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.111%

Price spread now: Lighter against BloFin+0.183%7-day average +0.217% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1041.040% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.447%+$45 on $10k

Price spread, last 4 days (all we have)+0.145%+$15 · spread now +0.183%, 7d avg +0.217%

Together, before fees+0.592%+ Points / potential airdropLighter: Season 3 · farm board+$59 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.034% cheaper against BloFin than usual: you would sell low and buy high (spread +0.183% now, against its 7-day average of +0.217%). If the spread goes back, that is −$3 on $10k: about 10 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.7443	0.0220	pay 0.0220% / 8h	2h 20m	$241K	$929K	20x
Short	Lighter RAY	1.7475	0.0504	get 0.0063% / 1h	20m 58s	$245K	$310K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.183%Rate

Funding earned: $59.64
Price spread: +0.183% → +0.217%: −$3.38
Slippage, 4 orders: −$91.95
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$47.7
Costs to cover: 1.040%
Break-even: 12.6 days

Slippage from BloFin: live order book, 6 min ago; Lighter: live order book, 9 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, 6 min ago	3.74 bp	23.8 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	4.89 bp	40.7 bp −$41	134.9 bp −$1,349	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	−0.1583%	1h	1.7466	+0.130%	$86K	$398K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7452	+0.050%	$432	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.819%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7466	+0.132%	$4.2M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7484	+0.235%	$545K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7466	+0.132%	$1.9M	$830K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7468	+0.143%	$2.6M	$4.1M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7453	+0.057%	$673K	$870K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7470	+0.155%	$66K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7475	+0.183%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7454	+0.063%	$13K	$91K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.7443	long leg	$241K	$929K	20x
Lighter RAYshort	+0.0504%	1h	1.7475	+0.183%	$245K	$310K	5x
BingX RAY-USDT	+0.0694%	4h	1.7447	+0.023%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0856%	8h	1.7468	+0.143%	$11.8M	$2.6M	100x	as long as short
Orderly PERP_RAY_USDC	+0.1952%	4h	1.7497	+0.310%	$313K	$391K	10x	as long as short