Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.052%

Price spread now: BingX against Injective+10.829%7-day average — · you sell dearer than you buy

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

Long on Injective Short on BingX

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 10.829% dearer against Injective than usual: you sell high and buy low: +$1,083 more if the spread 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	Injective RAY/USDC PERP	1.6428	0.0033	pay 0.0004% / 1h	14m 31s	$266	$25	5.5x
Short	BingX RAY-USDT	1.8207	0.0100	get 0.0050% / 4h	2h 14m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now +10.829%Rate

Funding earned: $14
Price spread: +10.829% → 0.000%: $1,082.91
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $1,086.89
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BingX: 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 Injective no order-book sample	—	—	—	—	—
Sell BingX live order book, 3 min ago	2.47 bp	15.0 bp −$15	32.4 bp −$324	274.4 bp −$27.4K	634.3 bp −$317.1K

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
MEXC RAY_USDT	−0.0065%	8h	1.8204	+10.811%	$13.5M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	−0.0047%	1h	1.8187	+10.705%	$107K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8201	+10.791%	$1K	—	150x	as long as short
Injective RAY/USDC PERPlong	+0.0033%	1h	1.6428	long leg	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8197	+10.768%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8200	+10.786%	$578K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8216	+10.884%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8211	+10.853%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8207	+10.829%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.8223	+10.928%	$716K	$1.1M	—	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	1.8198	+10.775%	$107K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8204	+10.811%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8220	+10.908%	$15K	$146K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8205	+10.817%	$256K	$851K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0406%	4h	1.8214	+10.872%	$252K	$250K	10x	as long as short
Lighter RAY	+0.0608%	1h	1.8236	+11.006%	$300K	$266K	5x	as long as short