Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.064%

Price spread now: BingX against gTrade (Gains Network)−0.081%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on BingX

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 pays, the price is against you. BingX is 0.081% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.081% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 2.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) RAY/USD	1.7922	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	41m 45s	$1K	—	150x
Short	BingX RAY-USDT	1.7908	0.0100	get 0.0050% / 4h	1h 41m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BingXbpOrdersPrice spread, now −0.081%Rate

Funding earned: $20.88
Price spread: −0.081% → 0.000%: −$8.09
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$7.21
Costs to cover: 0.200%
Break-even: 9.4 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BingX: live order book, 6 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell BingX live order book, 6 min ago	1.96 bp	15.2 bp −$15	37.2 bp −$372	185.8 bp −$18.6K	567.8 bp −$283.9K

gTrade (Gains Network): 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/USDlong	L +0.0001% / S +0.0056%	1h	1.7922	long leg	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.339%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7908	−0.081%	$12.5M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7890	−0.181%	$4.5M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7919	−0.020%	$556K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7911	−0.064%	$1.9M	$775K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7904	−0.103%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.7908	−0.081%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7822	−0.561%	$696K	$987K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7940	+0.099%	$67K	$66K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7939	+0.092%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7925	+0.014%	$13K	$94K	20x	as long as short
Lighter RAY	+0.0168%	1h	1.7930	+0.042%	$264K	$285K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7930	+0.042%	$254K	$865K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0562%	4h	1.7935	+0.070%	$218K	$285K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0777%	1h	1.7909	−0.074%	$90K	$452K	10x	as long as short