Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.029%

Price spread now: BloFin against Bullet+0.014%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Bullet Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.077%+$8 on $10k

Price spread, last 3 days (all we have)−0.054%−$5 · spread now +0.014%, 7d avg −0.045%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.059% dearer against Bullet than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.8500	0.0100	pay 0.0013% / 1h	39m 00s	$109K	$47K	10x
Short	BloFin RAY-USDT	1.8503	0.0220	get 0.0220% / 8h	1h 39m	$255K	$872K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.014%Rate

Funding earned: $25.2
Price spread: +0.014% → −0.045%: $5.92
Slippage, 4 orders: −$25.71
Fee Bullet: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$14.59
Costs to cover: 0.457%
Break-even: 11.1 days

Slippage from Bullet: live order book, 45 min ago; BloFin: live order book, 43 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 Bullet live order book, 45 min ago	1.64 bp	6.7 bp −$7	11.4 bp −$114	doesn't fit	doesn't fit
Sell BloFin live order book, 43 min ago	1.10 bp	15.1 bp −$15	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	−0.2287%	1h	1.8459	−0.221%	$99K	$453K	10x	as long as short
MEXC RAY_USDT	−0.0229%	8h	1.8500	−0.002%	$13.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8513	+0.068%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.202%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8538	+0.204%	$301K	$249K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8480	−0.110%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8497	−0.018%	$591K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8513	+0.068%	$2.0M	$764K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8499	−0.007%	$2.7M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8506	+0.031%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8578	+0.419%	$739K	$1.0M	—	as long as short
Bullet RAY-USDlong	+0.0100%	1h	1.8500	long leg	$109K	$47K	10x
SunX RAY-USDT	+0.0100%	4h	1.8573	+0.393%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8557	+0.306%	$15K	$138K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8503	+0.014%	$255K	$872K	20x
Orderly PERP_RAY_USDC	+0.0458%	4h	1.8522	+0.117%	$257K	$249K	10x	as long as short