Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.122%

Price spread now: Lighter against HTX+0.040%7-day average — · you sell dearer than you buy

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

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.518%+$52 on $10k

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.040% dearer against HTX than usual: you sell high and buy low, +$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX RAY-USDT	1.7462	0.0100	pay 0.0050% / 4h	1h 31m	$12K	$70K	20x
Short	Lighter RAY	1.7469	0.0096	get 0.0012% / 1h	31m 34s	$220K	$345K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$0.84
Price spread: +0.040% → 0.000%: $4.01
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$8.83
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: no order-book sample; Lighter: live order book, 6 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 no order-book sample	—	—	—	—	—
Sell Lighter live order book, 6 min ago	4.55 bp	13.9 bp −$14	97.7 bp −$977	doesn't fit	doesn't fit

HTX: 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 exchanges

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	1.7445	−0.099%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.921%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7434	−0.160%	$11.0M	$2.5M	100x	as long as short
BloFin RAY-USDT	+0.0081%	8h	1.7474	+0.069%	$242K	$822K	20x	as long as short
Lighter RAYshort	+0.0096%	1h	1.7469	+0.040%	$220K	$345K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7437	−0.143%	$4.1M	$11.6M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7422	−0.229%	$555K	$869K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7448	−0.080%	$1.8M	$802K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7433	−0.166%	$2.5M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7432	−0.172%	—	$1.9M	—	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.7515	+0.301%	$617K	$752K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7461	−0.006%	$66K	$26K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7458	−0.023%	—	$1.7M	10x	as long as short
HTX RAY-USDTlong	+0.0100%	4h	1.7462	long leg	$12K	$70K	20x
Kraken Futures PF_RAYUSD	+0.0954%	1h	1.7361	−0.577%	$95K	$420K	10x	as long as short
Orderly PERP_RAY_USDC	+0.1835%	4h	1.7468	+0.034%	$289K	$362K	10x	as long as short