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: SunX against BloFin+0.066%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1701.703% of the position

Long on BloFin Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 3 days (all we have)−0.233%−$23 · spread now +0.066%, 7d avg +0.038%

Together, before fees−0.299%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.027% dearer against BloFin than usual: you sell high and buy low (spread +0.066% now, against its 7-day average of +0.038%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.066% in total) that is about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.8247	0.0220	pay 0.0220% / 8h	2h 30m	$256K	$851K	20x
Short	SunX RAY-USDT	1.8259	0.0100	get 0.0050% / 4h	2h 30m	—	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$25.2
Price spread: +0.066% → +0.038%: $2.75
Slippage, 4 orders: −$150.26
Fee BloFin: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$192.72
Costs to cover: 1.703%
Break-even: never at this rate

Slippage from BloFin: live order book, 56 min ago; SunX: live order book, 6 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, 56 min ago	4.87 bp	22.9 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	45.24 bp	64.3 bp −$64	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	−0.0047%	1h	1.8233	−0.078%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8268	+0.115%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.969%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8236	−0.060%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8242	−0.027%	$581K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8258	+0.060%	$2.1M	$758K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8250	+0.016%	$2.6M	$3.3M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8251	+0.022%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8353	+0.583%	$725K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8265	+0.099%	$107K	$46K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDTshort	+0.0100%	4h	1.8259	+0.066%	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8244	−0.016%	$15K	$150K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8247	long leg	$256K	$851K	20x
Orderly PERP_RAY_USDC	+0.0374%	4h	1.8287	+0.219%	$253K	$237K	10x	as long as short
MEXC RAY_USDT	+0.0512%	8h	1.8245	−0.011%	$13.6M	$2.5M	100x	as long as short
Lighter RAY	+0.0688%	1h	1.8286	+0.214%	$318K	$247K	5x	as long as short