Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.031%

Price spread now: Gate against Bullet−0.006%7-day average −0.053% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$170as in the Price arb table

costs, in and out, $10k−$1751.748% of the position

Long on Bullet Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.022%+$2 on $10k

Price spread, last 3 days (all we have)−0.534%−$53 · spread now −0.006%, 7d avg −0.053%

Together, before fees−0.512%−$51 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.048% dearer against Bullet than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.8162	0.0100	pay 0.0013% / 1h	34m 47s	$107K	$45K	10x
Short	Gate RAY_USDT	1.8161	0.0100	get 0.0050% / 4h	34m 47s	$564K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.006%Rate

Funding earned: $0
Price spread: −0.006% → −0.053%: $4.76
Slippage, 4 orders: −$151.85
Fee Bullet: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$170.09
Costs to cover: 1.748%
Break-even: never at this rate

Slippage from Bullet: live order book, 44 min ago; Gate: live order book, 2 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, 44 min ago	1.62 bp	6.7 bp −$7	11.8 bp −$118	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	7.17 bp	91.6 bp −$92	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	−0.2416%	1h	1.8162	−0.001%	$96K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8163	+0.007%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.547%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8156	−0.033%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8143	−0.105%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.8161	−0.006%	$564K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8163	+0.006%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8154	−0.044%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8157	−0.028%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8179	+0.093%	$722K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USDlong	+0.0100%	1h	1.8162	long leg	$107K	$45K	10x
SunX RAY-USDT	+0.0100%	4h	1.8165	+0.017%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8144	−0.099%	$15K	$123K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8169	+0.039%	$260K	$857K	20x	as long as short
Lighter RAY	+0.0448%	1h	1.8196	+0.187%	$289K	$254K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0596%	4h	1.8192	+0.165%	$252K	$247K	10x	as long as short