Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.014%

Price spread now: KuCoin against Injective+12.838%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 KuCoin

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 KuCoin is 12.838% dearer against Injective than usual: you sell high and buy low: +$1,284 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	34m 59s	$266	$25	5.5x
Short	KuCoin RAYUSDTM	1.8537	0.0100	get 0.0050% / 4h	1h 34m	$2.1M	$769K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +12.838%Rate

Funding earned: $14
Price spread: +12.838% → 0.000%: $1,283.78
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $1,285.76
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; KuCoin: live order book, 1 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 KuCoin live order book, 1 min ago	9.19 bp	32.5 bp −$33	306.1 bp −$3,061	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	−0.2276%	1h	1.8542	+12.868%	$100K	$448K	10x	as long as short
MEXC RAY_USDT	−0.0296%	8h	1.8555	+12.947%	$13.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8538	+12.844%	$2K	—	150x	as long as short
Injective RAY/USDC PERPlong	+0.0033%	1h	1.6428	long leg	$266	$25	5.5x
Lighter RAY	+0.0096%	1h	1.8578	+13.087%	$301K	$250K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8514	+12.698%	$4.7M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8526	+12.771%	$591K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.8537	+12.838%	$2.1M	$769K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8540	+12.856%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8539	+12.850%	—	$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	1.8592	+13.175%	$734K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8551	+12.923%	$109K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8535	+12.826%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8536	+12.832%	$15K	$138K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8532	+12.807%	$256K	$873K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0464%	4h	1.8571	+13.045%	$257K	$249K	10x	as long as short