Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0579%/8h= +63.4% APRpaid last 24h +0.054%

Price spread now: Orderly against gTrade (Gains Network)+0.145%7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Orderly

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

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Orderly is 0.145% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) RAY/USD	1.7954	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	50m 46s	$2K	—	150x
Short	Orderly PERP_RAY_USDC	1.7980	0.0580	get 0.0290% / 4h	2h 50m	$253K	$249K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.145%Rate

Funding earned: $121.66
Price spread: +0.145% → 0.000%: $14.48
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $120.15
Costs to cover: 0.160%
Break-even: 0.1 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and Orderly: 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	1.7954	long leg	$2K	—	150x
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.8038	+0.470%	$89K	$446K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.499%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7974	+0.111%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7967	+0.072%	$557K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7981	+0.150%	$1.9M	$770K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7988	+0.189%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7971	+0.095%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7949	−0.029%	$702K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7958	+0.022%	$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	1.7954	0.000%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7943	−0.061%	$13K	$108K	20x	as long as short
Lighter RAY	+0.0136%	1h	1.8010	+0.312%	$268K	$282K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7939	−0.084%	$259K	$868K	20x	as long as short
MEXC RAY_USDT	+0.0279%	8h	1.7993	+0.217%	$12.8M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDCshort	+0.0580%	4h	1.7980	+0.145%	$253K	$249K	10x