Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0109%/8h= +11.9% APRpaid last 24h −0.058%

Price spread now: MEXC against KuCoin+0.039%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1061.065% of the position

Long on KuCoin Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.690%−$69 on $10k

Price spread, last 7 days+0.080%+$8 · spread now +0.039%, 7d avg +0.015%

Together, before fees−0.610%−$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and MEXC is 0.023% dearer against KuCoin than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.015%. Mind the row above: over the last 7 days funding on this pair cost −0.690%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.8155	0.0100	pay 0.0050% / 4h	3h 37m	$2.0M	$763K	50x
Short	MEXC RAY_USDT	1.8162	0.0209	get 0.0209% / 8h	7h 37m	$12.9M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.039%Rate

Funding earned: $22.89
Price spread: +0.039% → +0.015%: $2.34
Slippage, 4 orders: −$90.47
Fee KuCoin: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$81.24
Costs to cover: 1.065%
Break-even: 31.8 days

Slippage from KuCoin: live order book, 9 min ago; MEXC: live order book, 1 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, 9 min ago	9.18 bp	58.6 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.93 bp	6.3 bp −$6	45.4 bp −$454	119.5 bp −$12.0K	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	−0.1811%	1h	1.8051	−0.574%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8071	−0.462%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.513%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8133	−0.121%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8115	−0.220%	$564K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.8155	long leg	$2.0M	$763K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8156	+0.006%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8128	−0.149%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7990	−0.910%	$705K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8144	−0.061%	$107K	$44K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8083	−0.397%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8074	−0.446%	$15K	$111K	20x	as long as short
Lighter RAY	+0.0160%	1h	1.8120	−0.193%	$275K	$279K	5x	as long as short
MEXC RAY_USDTshort	+0.0209%	8h	1.8162	+0.039%	$12.9M	$2.5M	100x
BloFin RAY-USDT	+0.0220%	8h	1.8028	−0.700%	$256K	$861K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0549%	4h	1.8098	−0.314%	$251K	$242K	10x	as long as short