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 +0.031%

Price spread now: SunX against Bullet−0.071%7-day average −0.006% · 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−$149as in the Price arb table

costs, in and out, $10k−$1431.426% of the position

Long on Bullet Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 3 days (all we have)−0.142%−$14 · spread now −0.071%, 7d avg −0.006%

Together, before fees−0.119%−$12 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: SunX is 0.065% cheaper against Bullet than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.8436	0.0100	pay 0.0013% / 1h	21m 58s	$108K	$47K	10x
Short	SunX RAY-USDT	1.8423	0.0100	get 0.0050% / 4h	1h 21m	—	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.071%Rate

Funding earned: $0
Price spread: −0.071% → −0.006%: −$6.5
Slippage, 4 orders: −$126.58
Fee Bullet: 4 bp × 2 orders: −$8
Fee SunX: 4 bp × 2 orders: −$8
Net: −$149.08
Costs to cover: 1.426%
Break-even: never at this rate

Slippage from Bullet: live order book, 62 min ago; SunX: live order book, 5 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, 62 min ago	1.64 bp	6.7 bp −$7	11.4 bp −$114	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	45.81 bp	64.6 bp −$65	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	−0.2291%	1h	1.8421	−0.081%	$99K	$443K	10x	as long as short
MEXC RAY_USDT	−0.0433%	8h	1.8449	+0.071%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8430	−0.035%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.892%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8478	+0.228%	$298K	$251K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8448	+0.065%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8431	−0.027%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8440	+0.022%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8450	+0.076%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8451	+0.081%	—	$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	1.8465	+0.156%	$734K	$1.0M	—	as long as short
Bullet RAY-USDlong	+0.0100%	1h	1.8436	long leg	$108K	$47K	10x
SunX RAY-USDTshort	+0.0100%	4h	1.8423	−0.071%	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8438	+0.011%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8395	−0.222%	$260K	$866K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0485%	4h	1.8447	+0.060%	$256K	$248K	10x	as long as short