Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: OKX against KuCoin−0.061%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

costs, in and out, $10k−$1641.639% of the position

Long on KuCoin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 7 days+0.183%+$18 · spread now −0.061%, 7d avg −0.011%

Together, before fees+0.153%+$15 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: OKX is 0.050% cheaper against KuCoin than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.8126	0.0100	pay 0.0050% / 4h	1h 31m	$1.9M	$777K	50x
Short	OKX RAY-USDT-SWAP	1.8115	0.0100	get 0.0100% / 8h	5h 31m	$4.5M	$13.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.061%Rate

Funding earned: $0
Price spread: −0.061% → −0.011%: −$5
Slippage, 4 orders: −$141.88
Fee KuCoin: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$168.88
Costs to cover: 1.639%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; OKX: live order book, 2 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, 5 min ago	7.75 bp	53.2 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.83 bp	27.8 bp −$28	155.5 bp −$1,555	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	1.8110	−0.090%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0016%	8h	1.8121	−0.028%	$12.7M	$2.4M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.368%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8115	−0.061%	$4.5M	$13.0M	20x
Gate RAY_USDT	+0.0100%	4h	1.8113	−0.072%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.8126	long leg	$1.9M	$777K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8127	+0.006%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8051	−0.414%	$705K	$978K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8107	−0.105%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8116	−0.055%	—	$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	1.8107	−0.105%	$13K	$90K	20x	as long as short
BingX RAY-USDT	+0.0186%	4h	1.8121	−0.028%	—	$2.0M	—	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8089	−0.204%	$255K	$873K	20x	as long as short
Lighter RAY	+0.0240%	1h	1.8151	+0.138%	$266K	$287K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0620%	4h	1.8151	+0.138%	$322K	$398K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0769%	1h	1.8115	−0.058%	$90K	$453K	10x	as long as short