Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h −0.002%

Price spread now: BloFin against HTX−0.115%7-day average −0.017% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on HTX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now −0.115%, 7d avg −0.017%

Together, before fees+0.020%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.098% cheaper against HTX than usual: you would sell low and buy high (spread −0.115% now, against its 7-day average of −0.017%). If the spread goes back, that is −$10 on $10k: about 2.7 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.066% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX RAY-USDT	1.8256	0.0100	pay 0.0050% / 4h	2h 50m	$15K	$154K	20x
Short	BloFin RAY-USDT	1.8235	0.0220	get 0.0220% / 8h	2h 50m	$259K	$847K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against HTX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HTXbpFee BloFinbpOrdersPrice spread, now −0.115%Rate

Funding earned: $25.2
Price spread: −0.115% → −0.017%: −$9.82
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$8.62
Costs to cover: 0.240%
Break-even: 9.4 days

Slippage unknown: HTX: live order book, 35 min ago; BloFin: live order book, 36 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 HTX live order book, 35 min ago	65.14 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 36 min ago	4.87 bp	19.5 bp −$19	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	−0.0047%	1h	1.8241	−0.084%	$108K	$432K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8242	−0.079%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.013%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8260	+0.022%	$13.6M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8249	−0.038%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8241	−0.082%	$584K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8235	−0.115%	$2.0M	$758K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8251	−0.027%	$2.6M	$3.3M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8228	−0.156%	$717K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8248	−0.044%	$107K	$46K	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	1.8243	−0.071%	—	$2.6M	10x	as long as short
HTX RAY-USDTlong	+0.0100%	4h	1.8256	long leg	$15K	$154K	20x
BloFin RAY-USDTshort	+0.0220%	8h	1.8235	−0.115%	$259K	$847K	20x
Orderly PERP_RAY_USDC	+0.0320%	4h	1.8253	−0.016%	$253K	$232K	10x	as long as short
BingX RAY-USDT	+0.0326%	4h	1.8253	−0.016%	—	$2.0M	—	as long as short
Lighter RAY	+0.0408%	1h	1.8278	+0.121%	$320K	$246K	5x	as long as short