Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.021%

Price spread now: BloFin against KuCoin0.000%95s7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1101.097% of the position

Long on KuCoin Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$12 on $10k

Price spread, last 4 days (all we have)−0.190%−$19 · spread now 0.000%, 7d avg −0.037%

Together, before fees−0.075%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.037% dearer against KuCoin than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.037%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 10 days. Mind the row above: over the last 7 days funding on this pair paid +0.115%, so the current rate has only just turned against you. The two prices were read 95 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	KuCoin RAYUSDTM	1.7712	0.0100	pay 0.0050% / 4h	3h 49m	$1.8M	$827K	50x
Short	BloFin RAY-USDT	1.7712	0.0088	get 0.0088% / 8h	7h 49m	$242K	$879K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$2.52
Price spread: 0.000% → −0.037%: $3.71
Slippage, 4 orders: −$85.68
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$108.49
Costs to cover: 1.097%
Break-even: never at this rate

Slippage from KuCoin: live order book, 7 min ago; BloFin: live order book, 27 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, 7 min ago	7.94 bp	46.0 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 27 min ago	2.56 bp	19.6 bp −$20	doesn't fit	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7715	+0.015%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.249%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7756	+0.248%	$11.8M	$2.5M	100x	as long as short
BloFin RAY-USDTshort	+0.0088%	8h	1.7712	0.000%	$242K	$879K	20x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7753	+0.231%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7758	+0.260%	$554K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.7712	long leg	$1.8M	$827K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7770	+0.327%	$2.6M	$3.9M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7717	+0.029%	$660K	$806K	—	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7700	−0.068%	—	$2.4M	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	1.7708	−0.023%	$13K	$89K	20x	as long as short
Bullet RAY-USD	+0.0187%	1h	1.7707	−0.028%	$66K	$28K	10x	as long as short
Lighter RAY	+0.0576%	1h	1.7738	+0.147%	$232K	$335K	5x	as long as short
BingX RAY-USDT	+0.0780%	4h	1.7763	+0.288%	—	$2.0M	—	as long as short
Kraken Futures PF_RAYUSD	+0.1957%	1h	1.7762	+0.281%	$94K	$381K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2129%	4h	1.7737	+0.141%	$313K	$386K	10x	as long as short