Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: SunX against gTrade (Gains Network)+0.113%54s7-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 SunX

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 +$3 a day on $10k at the current rate, and SunX is 0.113% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) RAY/USD	1.7939	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	30m 31s	$1K	—	150x
Short	SunX RAY-USDT	1.7959	0.0100	get 0.0050% / 4h	3h 30m	—	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.113%Rate

Funding earned: $20.88
Price spread: +0.113% → 0.000%: $11.26
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: $14.15
Costs to cover: 0.180%
Break-even: 2.3 days

Slippage unknown: gTrade (Gains Network): no order-book sample; SunX: 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 SunX live order book, 6 min ago	45.35 bp	64.3 bp −$64	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	−0.2679%	1h	1.7916	−0.126%	$90K	$397K	10x	as long as short
MEXC RAY_USDT	−0.0313%	8h	1.7948	+0.051%	$12.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USDlong	L +0.0001% / S +0.0056%	1h	1.7939	long leg	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.422%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7970	+0.174%	$257K	$302K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7936	−0.016%	$4.4M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7960	+0.118%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7937	−0.010%	$1.9M	$782K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7942	+0.018%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7951	+0.068%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.7959	+0.115%	$695K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7946	+0.039%	$67K	$66K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.7959	+0.113%	—	$2.4M	10x
HTX RAY-USDT	+0.0100%	4h	1.7906	−0.183%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7915	−0.133%	$249K	$938K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1564%	4h	1.7983	+0.246%	$323K	$400K	10x	as long as short