Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.110%

Price spread now: Lighter against Gate+0.111%7-day average +0.206% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$190as in the Price arb table

costs, in and out, $10k−$1801.804% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.612%+$61 on $10k

Price spread, last 4 days (all we have)+0.275%+$27 · spread now +0.111%, 7d avg +0.206%

Together, before fees+0.887%+ Points / potential airdropLighter: Season 3 · farm board+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.095% cheaper against Gate than usual: you would sell low and buy high (spread +0.111% now, against its 7-day average of +0.206%). If the spread goes back, that is −$10 on $10k: about 4.7 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.612% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.8022	0.0100	pay 0.0050% / 4h	2h 55m	$556K	$1.1M	25x
Short	Lighter RAY	1.8042	0.0168	get 0.0021% / 1h	55m 51s	$269K	$281K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.111%Rate

Funding earned: $14.28
Price spread: +0.111% → +0.206%: −$9.51
Slippage, 4 orders: −$165.39
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$175.62
Costs to cover: 1.804%
Break-even: 93.1 days

Slippage from Gate: live order book, 1 min ago; Lighter: live order book, 60 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, 1 min ago	8.05 bp	61.8 bp −$62	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	2.79 bp	15.4 bp −$15	97.4 bp −$974	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8018	−0.021%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.8080	+0.320%	$90K	$447K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.845%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8033	+0.061%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8006	−0.089%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.8022	long leg	$556K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8032	+0.055%	$1.9M	$769K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8030	+0.044%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8038	+0.089%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7995	−0.151%	$706K	$1.0M	—	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	1.8022	0.000%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8028	+0.033%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7793	−1.271%	$13K	$108K	20x	as long as short
Lighter RAYshort	+0.0168%	1h	1.8042	+0.111%	$269K	$281K	5x
BloFin RAY-USDT	+0.0220%	8h	1.8067	+0.250%	$261K	$874K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0580%	4h	1.8045	+0.128%	$254K	$249K	10x	as long as short