Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0219%/8h= +24.0% APRpaid last 24h +0.028%

Price spread now: BloFin against gTrade (Gains Network)−0.039%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 BloFin

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. BloFin is 0.039% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 14 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) RAY/USD	1.8304	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	26m 39s	$1K	—	150x
Short	BloFin RAY-USDT	1.8297	0.0220	get 0.0220% / 8h	2h 26m	$258K	$853K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.039%Rate

Funding earned: $46.08
Price spread: −0.039% → 0.000%: −$3.88
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $20.21
Costs to cover: 0.220%
Break-even: 3.9 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BloFin: live order book, 60 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 BloFin live order book, 60 min ago	4.87 bp	19.5 bp −$19	doesn't fit	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	−0.0047%	1h	1.8286	−0.100%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USDlong	L +0.0001% / S +0.0056%	1h	1.8304	long leg	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.250%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8285	−0.104%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8296	−0.044%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8283	−0.115%	$2.1M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8310	+0.032%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8301	−0.017%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8268	−0.196%	$720K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8316	+0.065%	$108K	$46K	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	1.8311	+0.038%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8259	−0.246%	$15K	$149K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8297	−0.039%	$258K	$853K	20x
Orderly PERP_RAY_USDC	+0.0383%	4h	1.8330	+0.141%	$254K	$237K	10x	as long as short
MEXC RAY_USDT	+0.0444%	8h	1.8301	−0.017%	$13.6M	$2.5M	100x	as long as short
Lighter RAY	+0.0752%	1h	1.8337	+0.180%	$306K	$262K	5x	as long as short