Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bitget against gTrade (Gains Network)−0.184%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 Bitget

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. Bitget is 0.184% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.184% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 6.2 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	1.8466	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	18m 53s	$2K	—	150x
Short	Bitget RAYUSDT	1.8432	0.0100	get 0.0050% / 4h	3h 18m	$2.7M	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.184%Rate

Funding earned: $20.88
Price spread: −0.184% → 0.000%: −$18.36
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$19.47
Costs to cover: 0.220%
Break-even: 13.5 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	4.60 bp	19.6 bp −$20	66.8 bp −$668	doesn't fit	doesn't fit

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
Kraken Futures PF_RAYUSD	−0.1766%	1h	1.8506	+0.218%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USDlong	L +0.0001% / S +0.0056%	1h	1.8466	long leg	$2K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.036%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8418	−0.259%	$13.0M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8409	−0.308%	$4.6M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8426	−0.216%	$572K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8431	−0.189%	$2.0M	$770K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.8432	−0.184%	$2.7M	$3.7M	25x
Variational Omni RAY	+0.0100%	4h	1.8464	−0.008%	$723K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8484	+0.098%	$109K	$44K	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	1.8468	+0.011%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8451	−0.081%	$13K	$111K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8424	−0.227%	$255K	$880K	20x	as long as short
Lighter RAY	+0.0392%	1h	1.8469	+0.017%	$276K	$283K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0558%	4h	1.8485	+0.103%	$260K	$245K	10x	as long as short
BingX RAY-USDT	+0.0584%	4h	1.8420	−0.249%	—	$2.0M	—	as long as short