Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against HTX−5.418%55s7-day average — · you buy dearer than you sell

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 5.418% cheaper against HTX than usual: you would sell low and buy high (−$542 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 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	HTX RAY-USDT	1.7369	0.0100	pay 0.0050% / 4h	2h 39m	$12K	$91K	20x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	39m 20s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −5.418%Rate

Funding earned: −$14
Price spread: −5.418% → 0.000%: −$541.77
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$567.79
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: no order-book sample; Injective: no order-book sample. 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 no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

HTX and Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1585%	1h	1.7448	+0.453%	$86K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7354	−0.086%	$429	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−5.418%	$266	$25	5.5x
MEXC RAY_USDT	+0.0050%	8h	1.7348	−0.121%	$11.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7371	+0.012%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7350	−0.109%	$543K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7345	−0.138%	$1.9M	$831K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7364	−0.029%	$2.6M	$4.0M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7360	−0.052%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7383	+0.078%	$670K	$870K	—	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	1.7362	−0.041%	$65K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7364	−0.029%	—	$2.4M	10x	as long as short
HTX RAY-USDTlong	+0.0100%	4h	1.7369	long leg	$12K	$91K	20x
BloFin RAY-USDT	+0.0220%	8h	1.7388	+0.109%	$247K	$926K	20x	as long as short
Lighter RAY	+0.0464%	1h	1.7368	−0.006%	$245K	$308K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1834%	4h	1.7401	+0.184%	$312K	$391K	10x	as long as short