Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h −0.041%

Price spread now: gTrade (Gains Network) against KuCoin−0.096%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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 against this trade now: funding costs −$5 a day on $10k at the current rate, and gTrade (Gains Network) is 0.096% cheaper against KuCoin than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.8152	0.0100	pay 0.0050% / 4h	3h 36m	$2.0M	$764K	50x
Short	gTrade (Gains Network) RAY/USD	1.8135	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	36m 36s	$2K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.096%Rate

Funding earned: −$32.67
Price spread: −0.096% → 0.000%: −$9.64
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$64.31
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 10 min ago; gTrade (Gains Network): 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 KuCoin live order book, 10 min ago	9.18 bp	58.6 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.1812%	1h	1.8041	−0.613%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8135	−0.096%	$2K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.498%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8153	+0.006%	$12.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8147	−0.028%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8142	−0.055%	$565K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.8152	long leg	$2.0M	$764K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8156	+0.022%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8158	+0.033%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7990	−0.894%	$705K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8144	−0.044%	$107K	$44K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8136	−0.088%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8137	−0.083%	$15K	$111K	20x	as long as short
Lighter RAY	+0.0160%	1h	1.8174	+0.121%	$276K	$279K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8133	−0.105%	$257K	$866K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0551%	4h	1.8153	+0.006%	$252K	$242K	10x	as long as short