Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.034%

Price spread now: BingX against Gate+0.083%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1271.266% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.334%+$33 on $10k

Price spread, last 7 days−0.079%−$8 · spread now +0.083%, 7d avg +0.016%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.067% dearer against Gate than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.8094	0.0100	pay 0.0050% / 4h	31m 56s	$582K	$1.1M	25x
Short	BingX RAY-USDT	1.8109	0.0100	get 0.0050% / 4h	31m 56s	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Gate. 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 GatebpFee BingXbpOrdersPrice spread, now +0.083%Rate

Funding earned: $0
Price spread: +0.083% → +0.016%: $6.73
Slippage, 4 orders: −$101.58
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$119.86
Costs to cover: 1.266%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; BingX: live order book, 16 min ago.

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 Gate live order book, 5 min ago	6.38 bp	49.6 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 16 min ago	0.28 bp	16.1 bp −$16	53.9 bp −$539	251.0 bp −$25.1K	655.0 bp −$327.5K

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	−0.3784%	1h	1.8061	−0.180%	$91K	$435K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8078	−0.086%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0004%	8h	1.8076	−0.099%	$12.5M	$2.4M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.207%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8099	+0.028%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.8094	long leg	$582K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8081	−0.072%	$1.9M	$783K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8080	−0.077%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8109	+0.083%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7960	−0.741%	$702K	$887K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8099	+0.026%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8092	−0.011%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8077	−0.094%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8067	−0.149%	$253K	$937K	20x	as long as short
Lighter RAY	+0.0376%	1h	1.8123	+0.160%	$263K	$309K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1047%	4h	1.8134	+0.221%	$325K	$400K	10x	as long as short