Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.020%

Price spread now: Orderly against Injective+11.712%58s7-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 Orderly

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 +$8 a day on $10k at the current rate, and Orderly is 11.712% dearer against Injective than usual: you sell high and buy low: +$1,171 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 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	55m 28s	$266	$25	5.5x
Short	Orderly PERP_RAY_USDC	1.8352	0.0299	get 0.0150% / 4h	2h 55m	$256K	$230K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +11.712%Rate

Funding earned: $55.89
Price spread: +11.712% → 0.000%: $1,171.17
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1,221.04
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.0047%	1h	1.8334	+11.602%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8325	+11.547%	$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	1.8352	+11.712%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8327	+11.560%	$589K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8345	+11.669%	$2.1M	$759K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8359	+11.754%	$2.6M	$3.3M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8358	+11.751%	$724K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8329	+11.572%	$108K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8356	+11.736%	—	$2.6M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8326	+11.553%	$15K	$155K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8356	+11.736%	$259K	$851K	20x	as long as short
Orderly PERP_RAY_USDCshort	+0.0299%	4h	1.8352	+11.712%	$256K	$230K	10x
MEXC RAY_USDT	+0.0353%	8h	1.8354	+11.724%	$13.7M	$2.5M	100x	as long as short
BingX RAY-USDT	+0.0467%	4h	1.8355	+11.730%	—	$2.0M	—	as long as short
Lighter RAY	+0.0472%	1h	1.8382	+11.894%	$330K	$237K	5x	as long as short