Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: OKX against Bullet+0.443%7-day average −0.068% · 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−$17as in the Price arb table

costs, in and out, $10k−$680.682% of the position

Long on Bullet Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.016%−$2 on $10k

Price spread, last 3 days (all we have)−1.018%−$102 · spread now +0.443%, 7d avg −0.068%

Together, before fees−1.034%−$103 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: OKX is 0.511% dearer against Bullet than usual: you sell high and buy low, +$51 on $10k if it goes back to its 7-day average of −0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.8467	0.0100	pay 0.0013% / 1h	36m 38s	$108K	$47K	10x
Short	OKX RAY-USDT-SWAP	1.8549	0.0100	get 0.0100% / 8h	1h 36m	$4.7M	$13.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.443%Rate

Funding earned: $0
Price spread: +0.443% → −0.068%: $51.13
Slippage, 4 orders: −$50.16
Fee Bullet: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$17.03
Costs to cover: 0.682%
Break-even: never at this rate

Slippage from Bullet: live order book, 47 min ago; OKX: 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, 47 min ago	1.64 bp	6.7 bp −$7	11.4 bp −$114	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.08 bp	35.0 bp −$35	151.1 bp −$1,511	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	1.8460	−0.039%	$99K	$453K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8468	+0.005%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.042%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8585	+0.638%	$13.7M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.8631	+0.887%	$302K	$249K	5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8549	+0.443%	$4.7M	$13.4M	20x
Gate RAY_USDT	+0.0100%	4h	1.8566	+0.535%	$592K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8589	+0.660%	$2.1M	$766K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8575	+0.584%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8586	+0.644%	—	$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	+0.600%	$739K	$1.0M	—	as long as short
Bullet RAY-USDlong	+0.0100%	1h	1.8467	long leg	$108K	$47K	10x
SunX RAY-USDT	+0.0100%	4h	1.8493	+0.140%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8495	+0.151%	$15K	$138K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8474	+0.037%	$255K	$871K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0461%	4h	1.8489	+0.119%	$256K	$249K	10x	as long as short