Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.004%

Price spread now: OKX against Injective+12.923%78s7-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 OKX

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 OKX is 12.923% dearer against Injective than usual: you sell high and buy low: +$1,292 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

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	16m 05s	$266	$25	5.5x
Short	OKX RAY-USDT-SWAP	1.8551	0.0100	get 0.0100% / 8h	7h 16m	$4.7M	$13.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +12.923%Rate

Funding earned: $14
Price spread: +12.923% → 0.000%: $1,292.31
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $1,296.29
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	2.16 bp	27.3 bp −$27	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	−0.1756%	1h	1.8612	+13.296%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8518	+12.724%	$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	1.8551	+12.923%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8551	+12.923%	$4.7M	$13.5M	20x
Gate RAY_USDT	+0.0100%	4h	1.8523	+12.753%	$576K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8533	+12.813%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8565	+13.008%	$2.7M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8511	+12.677%	$725K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8531	+12.801%	$70K	$44K	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	1.8525	+12.765%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8502	+12.625%	$13K	$111K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8491	+12.558%	$256K	$883K	20x	as long as short
Lighter RAY	+0.0464%	1h	1.8574	+13.063%	$278K	$284K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0566%	4h	1.8563	+12.996%	$263K	$247K	10x	as long as short
BingX RAY-USDT	+0.0584%	4h	1.8547	+12.899%	—	$2.0M	—	as long as short