RAY

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0327%/8h= −35.8% APRnext payment −$0.41 per $10,000 · paid last 24h −0.147%

Price spread now: Injective against Lighter−7.625%66s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$10 a day on $10k at the current rate, and Injective is 7.625% cheaper against Lighter than usual: you would sell low and buy high (−$762 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.7784	0.0360	pay 0.0045% / 1h	40m 06s	$232K	$336K	5x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	40m 06s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −7.625%Rate

Funding earned: −$68.6
Price spread: −7.625% → 0.000%: −$762.48
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$831.1
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 40 min ago; Injective: 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, 40 min ago	4.55 bp	17.9 bp −$18	108.9 bp −$1,089	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	1.7758	−0.148%	$3K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−7.625%	$266	$25	5.5x
BloFin RAY-USDT	+0.0090%	8h	1.7727	−0.321%	$240K	$871K	20x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7776	−0.045%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7766	−0.101%	$552K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7759	−0.141%	$1.8M	$827K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7769	−0.084%	$2.6M	$3.9M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7762	−0.124%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7773	−0.061%	$663K	$805K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7766	−0.101%	$67K	$28K	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	1.7801	+0.096%	—	$2.3M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7771	−0.073%	$13K	$89K	20x	as long as short
Lighter RAYlong	+0.0360%	1h	1.7784	long leg	$232K	$336K	5x
MEXC RAY_USDT	+0.0595%	8h	1.7764	−0.112%	$11.8M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1948%	1h	1.7837	+0.300%	$94K	$381K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2118%	4h	1.7800	+0.090%	$314K	$386K	10x	as long as short