Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.041%

Price spread now: BingX against KuCoin+0.124%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1211.209% of the position

Long on KuCoin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.274%+$27 on $10k

Price spread, last 7 days−0.090%−$9 · spread now +0.124%, 7d avg +0.002%

Together, before fees+0.184%+$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.122% dearer against KuCoin than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.7740	0.0100	pay 0.0050% / 4h	3h 08m	$1.9M	$787K	50x
Short	BingX RAY-USDT	1.7762	0.0100	get 0.0050% / 4h	3h 08m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against KuCoin. 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 KuCoinbpFee BingXbpOrdersPrice spread, now +0.124%Rate

Funding earned: $0
Price spread: +0.124% → +0.002%: $12.17
Slippage, 4 orders: −$98.86
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$108.69
Costs to cover: 1.209%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; BingX: live order book, 9 min ago.

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 KuCoin live order book, 3 min ago	7.32 bp	50.3 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	2.52 bp	20.0 bp −$20	43.5 bp −$435	196.9 bp −$19.7K	651.7 bp −$325.9K

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	−0.2715%	1h	1.7677	−0.355%	$89K	$392K	10x	as long as short
MEXC RAY_USDT	−0.0218%	8h	1.7759	+0.107%	$12.3M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7739	−0.007%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.396%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7770	+0.169%	$252K	$304K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7757	+0.096%	$4.3M	$12.6M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7756	+0.090%	$575K	$1.2M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.7740	long leg	$1.9M	$787K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7761	+0.118%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.7762	+0.124%	—	$2.0M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.7761	+0.117%	$689K	$866K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7741	+0.006%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7771	+0.175%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7783	+0.242%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7768	+0.158%	$247K	$928K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1632%	4h	1.7763	+0.130%	$318K	$400K	10x	as long as short