Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0444%/8h= −48.6% APRpaid last 24h −0.106%

Price spread now: BloFin against Lighter−0.251%7-day average −0.214% · you buy dearer than you sell

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$1031.030% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.413%−$41 on $10k

Price spread, last 3 days (all we have)−0.259%−$26 · spread now −0.251%, 7d avg −0.214%

Together, before fees−0.671%+ Points / potential airdropLighter: Season 3 · farm board−$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and BloFin is 0.037% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.214%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8309	0.0664	pay 0.0083% / 1h	32m 43s	$319K	$247K	5x
Short	BloFin RAY-USDT	1.8263	0.0220	get 0.0220% / 8h	2h 32m	$255K	$852K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.251%Rate

Funding earned: −$93.24
Price spread: −0.251% → −0.214%: −$3.73
Slippage, 4 orders: −$91
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$199.97
Costs to cover: 1.030%
Break-even: never at this rate

Slippage from Lighter: live order book, 50 min ago; BloFin: live order book, 54 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, 50 min ago	6.50 bp	44.8 bp −$45	119.1 bp −$1,191	doesn't fit	doesn't fit
Sell BloFin live order book, 54 min ago	4.87 bp	19.5 bp −$19	doesn't fit	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
Kraken Futures PF_RAYUSD	−0.0047%	1h	1.8281	−0.152%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8250	−0.323%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.274%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8252	−0.311%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8269	−0.218%	$582K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8273	−0.197%	$2.1M	$756K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8263	−0.251%	$2.6M	$3.3M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8269	−0.218%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8353	+0.242%	$725K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8257	−0.284%	$107K	$46K	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	1.8255	−0.295%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8262	−0.257%	$15K	$151K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8263	−0.251%	$255K	$852K	20x
MEXC RAY_USDT	+0.0258%	8h	1.8260	−0.268%	$13.6M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0369%	4h	1.8283	−0.142%	$253K	$237K	10x	as long as short
Lighter RAYlong	+0.0664%	1h	1.8309	long leg	$319K	$247K	5x