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 +0.006%

Price spread now: Bitget against KuCoin−0.079%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1481.484% of the position

Long on KuCoin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 7 days+0.173%+$17 · spread now −0.079%, 7d avg +0.015%

Together, before fees+0.220%+$22 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: Bitget is 0.094% cheaper against KuCoin than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.7829	0.0100	pay 0.0050% / 4h	3h 12m	$1.9M	$785K	50x
Short	Bitget RAYUSDT	1.7815	0.0100	get 0.0050% / 4h	3h 12m	$2.6M	$3.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.079%Rate

Funding earned: $0
Price spread: −0.079% → +0.015%: −$9.36
Slippage, 4 orders: −$124.42
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$157.78
Costs to cover: 1.484%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Bitget: live order book, 5 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, 4 min ago	10.08 bp	56.7 bp −$57	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	3.92 bp	19.6 bp −$20	68.5 bp −$685	doesn't fit	doesn't fit

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	−0.2692%	1h	1.7829	−0.002%	$89K	$393K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7830	+0.006%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.858%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7813	−0.090%	$12.3M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.7831	+0.011%	$254K	$304K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7809	−0.112%	$4.3M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7840	+0.062%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.7829	long leg	$1.9M	$785K	50x
Bitget RAYUSDTshort	+0.0100%	4h	1.7815	−0.079%	$2.6M	$3.8M	25x
BingX RAY-USDT	+0.0100%	4h	1.7832	+0.017%	—	$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	1.7842	+0.072%	$692K	$866K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7825	−0.022%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7825	−0.022%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7843	+0.079%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7815	−0.079%	$248K	$930K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1619%	4h	1.7858	+0.163%	$320K	$400K	10x	as long as short