Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.013%

Price spread now: BloFin against Gate−0.011%48s7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1381.378% of the position

Long on Gate Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.011%, 7d avg −0.025%

Together, before fees+0.248%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 48 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	Gate RAY_USDT	1.7987	0.0100	pay 0.0050% / 4h	4m 21s	$579K	$1.2M	25x
Short	BloFin RAY-USDT	1.7985	0.0220	get 0.0220% / 8h	4h 04m	$254K	$903K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.011%Rate

Funding earned: $25.2
Price spread: −0.011% → −0.025%: $1.41
Slippage, 4 orders: −$110.76
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$111.15
Costs to cover: 1.378%
Break-even: 37.9 days

Slippage from Gate: live order book, 3 min ago; BloFin: live order book, 33 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, 3 min ago	6.67 bp	41.0 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 33 min ago	3.05 bp	22.1 bp −$22	doesn't fit	doesn't fit	doesn't fit

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	−0.3802%	1h	1.7976	−0.064%	$90K	$424K	10x	as long as short
MEXC RAY_USDT	−0.0325%	8h	1.7990	+0.017%	$12.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7993	+0.031%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.667%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7990	+0.017%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.7987	long leg	$579K	$1.2M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7995	+0.044%	$1.9M	$788K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7992	+0.028%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7992	+0.028%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7978	−0.048%	$697K	$868K	—	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	1.8007	+0.112%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8009	+0.122%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8012	+0.139%	$13K	$90K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.7985	−0.011%	$254K	$903K	20x
Lighter RAY	+0.0440%	1h	1.8038	+0.284%	$260K	$311K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1313%	4h	1.8039	+0.289%	$324K	$400K	10x	as long as short