Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0187%/8h= +20.4% APRpaid last 24h +0.018%

Price spread now: BloFin against Injective+11.998%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 BloFin

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 +$6 a day on $10k at the current rate, and BloFin is 11.998% dearer against Injective than usual: you sell high and buy low: +$1,200 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	11m 29s	$266	$25	5.5x
Short	BloFin RAY-USDT	1.8399	0.0220	get 0.0220% / 8h	1h 11m	$259K	$866K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +11.998%Rate

Funding earned: $39.2
Price spread: +11.998% → 0.000%: $1,199.78
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $1,226.96
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 5 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 BloFin live order book, 5 min ago	0.27 bp	22.5 bp −$23	doesn't fit	doesn't fit	doesn't fit

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	−0.2292%	1h	1.8416	+12.103%	$99K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8383	+11.903%	$2K	—	150x	as long as short
Injective RAY/USDC PERPlong	+0.0033%	1h	1.6428	long leg	$266	$25	5.5x
MEXC RAY_USDT	+0.0050%	8h	1.8370	+11.821%	$13.4M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.8417	+12.107%	$296K	$257K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8251	+11.097%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8368	+11.809%	$573K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8386	+11.919%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8258	+11.140%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8375	+11.852%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8430	+12.185%	$732K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8389	+11.937%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8397	+11.986%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8399	+11.998%	$15K	$132K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8399	+11.998%	$259K	$866K	20x
Orderly PERP_RAY_USDC	+0.0510%	4h	1.8408	+12.053%	$255K	$248K	10x	as long as short