RAY

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0252%/8h= −27.6% APRnext payment −$0.32 per $10,000 · paid last 24h −0.136%

Price spread now: Bullet against Lighter−0.195%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bullet is 0.195% cheaper against Lighter than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8101	0.0352	pay 0.0044% / 1h	27m 29s	$263K	$309K	5x
Short	Bullet RAY-USD	1.8066	0.0100	get 0.0013% / 1h	27m 29s	$68K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.195%Rate

Funding earned: −$52.92
Price spread: −0.195% → 0.000%: −$19.51
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$80.43
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 13 min ago; Bullet: no order-book sample. Net counts fees only.

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, 13 min ago	6.37 bp	49.2 bp −$49	133.1 bp −$1,331	doesn't fit	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.3794%	1h	1.8012	−0.489%	$90K	$435K	10x	as long as short
MEXC RAY_USDT	−0.0062%	8h	1.8080	−0.116%	$12.5M	$2.4M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8041	−0.334%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.243%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8077	−0.133%	$4.5M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8052	−0.271%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8057	−0.243%	$1.9M	$784K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8073	−0.155%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8071	−0.166%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8114	+0.074%	$708K	$887K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USDshort	+0.0100%	1h	1.8066	−0.195%	$68K	$66K	10x
SunX RAY-USDT	+0.0100%	4h	1.8096	−0.028%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8063	−0.210%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8131	+0.166%	$253K	$940K	20x	as long as short
Lighter RAYlong	+0.0352%	1h	1.8101	long leg	$263K	$309K	5x
Orderly PERP_RAY_USDC	+0.1086%	4h	1.8118	+0.094%	$325K	$400K	10x	as long as short