Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.064%

Price spread now: MEXC against HTX−0.148%7-day average +0.033% · you buy dearer than you sell

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

Long on HTX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.754%−$75 on $10k

Price spread, last 3 days (all we have)+0.083%+$8 · spread now −0.148%, 7d avg +0.033%

Together, before fees−0.672%−$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.181% cheaper against HTX than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX RAY-USDT	1.8237	0.0100	pay 0.0050% / 4h	1h 15m	$13K	$90K	20x
Short	MEXC RAY_USDT	1.8210	0.0050	get 0.0050% / 8h	5h 15m	$12.7M	$2.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.148%Rate

Funding earned: −$10.5
Price spread: −0.148% → +0.033%: −$18.14
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$44.64
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: HTX: no order-book sample; MEXC: live order book, 3 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 MEXC live order book, 3 min ago	1.91 bp	5.9 bp −$6	39.7 bp −$397	100.9 bp −$10.1K	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 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	1.8254	+0.092%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.919%	$266	$25	5.5x	as long as short
MEXC RAY_USDTshort	+0.0050%	8h	1.8210	−0.148%	$12.7M	$2.4M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8190	−0.258%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8227	−0.055%	$585K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8217	−0.110%	$2.0M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8199	−0.208%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8212	−0.137%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8248	+0.063%	$713K	$961K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8254	+0.093%	$69K	$66K	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	1.8239	+0.011%	—	$2.4M	10x	as long as short
HTX RAY-USDTlong	+0.0100%	4h	1.8237	long leg	$13K	$90K	20x
BloFin RAY-USDT	+0.0220%	8h	1.8236	−0.005%	$212K	$879K	20x	as long as short
Lighter RAY	+0.0336%	1h	1.8247	+0.055%	$269K	$297K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0739%	4h	1.8285	+0.263%	$328K	$402K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0766%	1h	1.8185	−0.287%	$91K	$456K	10x	as long as short