Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.006%

Price spread now: OKX against gTrade (Gains Network)−0.240%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 OKX

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. OKX is 0.240% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.240% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 8.0 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	1.8074	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	45m 45s	$1K	—	150x
Short	OKX RAY-USDT-SWAP	1.8031	0.0100	get 0.0100% / 8h	4h 45m	$4.5M	$13.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.240%Rate

Funding earned: $20.88
Price spread: −0.240% → 0.000%: −$24.01
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$23.13
Costs to cover: 0.200%
Break-even: 14.8 days

Slippage unknown: gTrade (Gains Network): no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	2.78 bp	24.7 bp −$25	124.9 bp −$1,249	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	−0.3792%	1h	1.8022	−0.287%	$91K	$444K	10x	as long as short
gTrade (Gains Network) RAY/USDlong	L +0.0001% / S +0.0056%	1h	1.8074	long leg	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.109%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8031	−0.240%	$4.5M	$13.0M	20x
Gate RAY_USDT	+0.0100%	4h	1.8054	−0.113%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8071	−0.019%	$1.9M	$784K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8043	−0.174%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8073	−0.008%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8082	+0.043%	$706K	$895K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8087	+0.072%	$68K	$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	1.8084	+0.053%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8093	+0.103%	$13K	$90K	20x	as long as short
MEXC RAY_USDT	+0.0140%	8h	1.8063	−0.063%	$12.5M	$2.4M	100x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8029	−0.251%	$212K	$874K	20x	as long as short
Lighter RAY	+0.0392%	1h	1.8075	+0.003%	$263K	$307K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0943%	4h	1.8135	+0.335%	$325K	$400K	10x	as long as short