Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.113%

Price spread now: KuCoin against Lighter−0.151%7-day average −0.199% · you buy dearer than you sell

Net, funding: paid 7d − costs−$183as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1291.286% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.548%−$55 on $10k

Price spread, last 4 days (all we have)−0.171%−$17 · spread now −0.151%, 7d avg −0.199%

Together, before fees−0.719%+ Points / potential airdropLighter: Season 3 · farm board−$72 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.048% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.199%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8496	0.0096	pay 0.0012% / 1h	30m 16s	$299K	$250K	5x
Short	KuCoin RAYUSDTM	1.8468	0.0100	get 0.0050% / 4h	1h 30m	$2.0M	$771K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.151%Rate

Funding earned: $0.84
Price spread: −0.151% → −0.199%: $4.75
Slippage, 4 orders: −$116.58
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$122.98
Costs to cover: 1.286%
Break-even: 1031.9 days

Slippage from Lighter: live order book, 44 min ago; KuCoin: live order book, 1 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, 44 min ago	6.30 bp	16.5 bp −$16	112.3 bp −$1,123	doesn't fit	doesn't fit
Sell KuCoin live order book, 1 min ago	9.48 bp	43.0 bp −$43	317.8 bp −$3,178	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	−0.2285%	1h	1.8472	−0.130%	$99K	$448K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8459	−0.197%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.181%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8473	−0.124%	$13.6M	$2.5M	100x	as long as short
Lighter RAYlong	+0.0096%	1h	1.8496	long leg	$299K	$250K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8461	−0.189%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8445	−0.276%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.8468	−0.151%	$2.0M	$771K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8477	−0.103%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8476	−0.108%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8460	−0.196%	$734K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8455	−0.222%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8459	−0.200%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8448	−0.260%	$15K	$136K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8464	−0.173%	$254K	$870K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0470%	4h	1.8479	−0.092%	$256K	$248K	10x	as long as short