Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.115%

Price spread now: Bitget against Lighter+0.039%7-day average −0.184% · you sell dearer than you buy

Net, funding: paid 7d − costs−$143as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$920.924% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.509%−$51 on $10k

Price spread, last 4 days (all we have)−0.459%−$46 · spread now +0.039%, 7d avg −0.184%

Together, before fees−0.968%+ Points / potential airdropLighter: Season 3 · farm board−$97 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.223% dearer against Lighter than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.184%): +$22 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.4 days. At the pace of the last 7 days (−0.509% in total) that is about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.7885	0.0200	pay 0.0025% / 1h	33m 11s	$266K	$286K	5x
Short	Bitget RAYUSDT	1.7892	0.0100	get 0.0050% / 4h	2h 33m	$2.6M	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$21
Price spread: +0.039% → −0.184%: $22.33
Slippage, 4 orders: −$80.4
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$91.07
Costs to cover: 0.924%
Break-even: never at this rate

Slippage from Lighter: live order book, 17 min ago; Bitget: live order book, 5 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, 17 min ago	7.21 bp	21.0 bp −$21	105.0 bp −$1,050	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	4.20 bp	27.8 bp −$28	92.0 bp −$920	doesn't fit	doesn't fit

RAY on 15 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	1.7892	+0.041%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7917	+0.179%	$89K	$448K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.146%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7878	−0.039%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7891	+0.034%	$553K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7895	+0.056%	$1.9M	$777K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7892	+0.039%	$2.6M	$3.7M	25x
BingX RAY-USDT	+0.0100%	4h	1.7911	+0.145%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7882	−0.018%	$699K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7900	+0.083%	$67K	$66K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7864	−0.117%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7911	+0.145%	$13K	$104K	20x	as long as short
Lighter RAYlong	+0.0200%	1h	1.7885	long leg	$266K	$286K	5x
MEXC RAY_USDT	+0.0392%	8h	1.7909	+0.134%	$12.7M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0592%	4h	1.7913	+0.157%	$252K	$248K	10x	as long as short