Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0197%/8h= +21.6% APRpaid last 24h −0.081%

Price spread now: MEXC against Gate+0.011%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$240as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1741.740% of the position

Long on Gate Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.662%−$66 on $10k

Price spread, last 7 days+0.037%+$4 · spread now +0.011%, 7d avg +0.029%

Together, before fees−0.625%−$63 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.662%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.8121	0.0100	pay 0.0050% / 4h	32m 10s	$563K	$1.1M	25x
Short	MEXC RAY_USDT	1.8123	0.0297	get 0.0297% / 8h	32m 10s	$13.0M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.011%Rate

Funding earned: $41.37
Price spread: +0.011% → +0.029%: −$1.77
Slippage, 4 orders: −$155
Fee Gate: 7.5 bp × 2 orders: −$15
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$134.4
Costs to cover: 1.740%
Break-even: 29.7 days

Slippage from Gate: live order book, 5 min ago; MEXC: live order book, 1 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	7.17 bp	69.3 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.93 bp	6.0 bp −$6	38.2 bp −$382	105.1 bp −$10.5K	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	−0.2429%	1h	1.8063	−0.321%	$95K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8118	−0.014%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.343%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8110	−0.061%	$4.6M	$13.0M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.8121	long leg	$563K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8120	−0.006%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8117	−0.022%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8120	−0.006%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8179	+0.320%	$722K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8127	+0.033%	$106K	$45K	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	1.8121	0.000%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8097	−0.132%	$15K	$122K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8106	−0.083%	$259K	$854K	20x	as long as short
MEXC RAY_USDTshort	+0.0297%	8h	1.8123	+0.011%	$13.0M	$2.5M	100x
Lighter RAY	+0.0416%	1h	1.8152	+0.171%	$288K	$255K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0603%	4h	1.8143	+0.121%	$251K	$247K	10x	as long as short