Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.130%

Price spread now: HTX against Lighter−0.221%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 HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.513%−$51 on $10k

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 −$11 a day on $10k at the current rate, and HTX is 0.221% cheaper against Lighter than usual: you would sell low and buy high (−$22 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	1.7626	0.0456	pay 0.0057% / 1h	55m 07s	$231K	$335K	5x
Short	HTX RAY-USDT	1.7587	0.0100	get 0.0050% / 4h	3h 55m	$13K	$89K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.221%Rate

Funding earned: −$74.76
Price spread: −0.221% → 0.000%: −$22.13
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$108.89
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 25 min ago; HTX: 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, 25 min ago	4.55 bp	17.9 bp −$18	108.9 bp −$1,089	doesn't fit	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

HTX: 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7592	−0.193%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.797%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7630	+0.023%	$4.1M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7600	−0.148%	$549K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7592	−0.193%	$1.8M	$828K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7620	−0.034%	$2.6M	$3.9M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7640	+0.080%	$659K	$806K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7613	−0.074%	$66K	$28K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7615	−0.062%	—	$2.4M	10x	as long as short
HTX RAY-USDTshort	+0.0100%	4h	1.7587	−0.221%	$13K	$89K	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin RAY-USDT	+0.0220%	8h	1.7591	−0.199%	$241K	$873K	20x	as long as short
Lighter RAYlong	+0.0456%	1h	1.7626	long leg	$231K	$335K	5x
BingX RAY-USDT	+0.0678%	4h	1.7620	−0.034%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0748%	8h	1.7606	−0.113%	$11.7M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1968%	1h	1.7659	+0.186%	$93K	$380K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2130%	4h	1.7634	+0.045%	$311K	$386K	10x	as long as short