Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Bitget against Bullet−0.155%7-day average — · you buy dearer than you sell

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

Long on Bullet Short on Bitget

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.155% cheaper against Bullet than usual: you would sell low and buy high, −$15 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.8300	0.0100	pay 0.0013% / 1h	18m 55s	$69K	$66K	10x
Short	Bitget RAYUSDT	1.8272	0.0100	get 0.0050% / 4h	1h 18m	$2.6M	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bullet. 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 BulletbpFee BitgetbpOrdersPrice spread, now −0.155%Rate

Funding earned: $0
Price spread: −0.155% → 0.000%: −$15.48
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$35.48
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Bitget: live order book, 4 min ago. 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 Bullet no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	4.12 bp	19.5 bp −$20	63.3 bp −$633	doesn't fit	doesn't fit

Bullet: 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8276	−0.131%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.231%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0048%	8h	1.8284	−0.089%	$12.7M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8278	−0.122%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8284	−0.089%	$587K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8284	−0.089%	$2.0M	$778K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.8272	−0.155%	$2.6M	$3.7M	25x
BingX RAY-USDT	+0.0100%	4h	1.8287	−0.073%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8319	+0.100%	$716K	$961K	—	as long as short
Bullet RAY-USDlong	+0.0100%	1h	1.8300	long leg	$69K	$66K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8298	−0.013%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8287	−0.073%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8258	−0.231%	$254K	$880K	20x	as long as short
Lighter RAY	+0.0320%	1h	1.8316	+0.086%	$266K	$289K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0714%	4h	1.8333	+0.179%	$329K	$402K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0761%	1h	1.8294	−0.033%	$92K	$456K	10x	as long as short