Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.076%

Price spread now: BingX against Lighter−0.050%7-day average −0.186% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$650.653% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.279%−$28 on $10k

Price spread, last 4 days (all we have)−0.323%−$32 · spread now −0.050%, 7d avg −0.186%

Together, before fees−0.602%+ Points / potential airdropLighter: Season 3 · farm board−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.136% dearer against Lighter than usual: you sell high and buy low (spread −0.050% now, against its 7-day average of −0.186%): +$14 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 13 days. At the pace of the last 7 days (−0.279% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8014	0.0136	pay 0.0017% / 1h	41m 55s	$274K	$278K	5x
Short	BingX RAY-USDT	1.8005	0.0100	get 0.0050% / 4h	3h 41m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$7.56
Price spread: −0.050% → −0.186%: $13.58
Slippage, 4 orders: −$55.3
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$59.28
Costs to cover: 0.653%
Break-even: never at this rate

Slippage from Lighter: live order book, 14 min ago; BingX: 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 Lighter live order book, 14 min ago	2.79 bp	19.5 bp −$20	118.6 bp −$1,186	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	2.78 bp	15.4 bp −$15	39.9 bp −$399	265.5 bp −$26.6K	641.1 bp −$320.5K

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	−0.1821%	1h	1.7949	−0.362%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7994	−0.109%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.804%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7990	−0.133%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7982	−0.178%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8005	−0.050%	$561K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8002	−0.067%	$2.0M	$763K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7998	−0.089%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8005	−0.050%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7985	−0.163%	$703K	$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	1.7997	−0.094%	$106K	$44K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7999	−0.083%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7982	−0.178%	$15K	$112K	20x	as long as short
Lighter RAYlong	+0.0136%	1h	1.8014	long leg	$274K	$278K	5x
BloFin RAY-USDT	+0.0220%	8h	1.7994	−0.111%	$255K	$859K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0555%	4h	1.8011	−0.017%	$250K	$242K	10x	as long as short