Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0158%/8h= −17.3% APRpaid last 24h −0.185%

Price spread now: MEXC against Lighter−0.239%7-day average −0.184% · you buy dearer than you sell

Net, funding: paid 7d − costs−$206as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.255%−$125 on $10k

Price spread, last 4 days (all we have)−0.078%−$8 · spread now −0.239%, 7d avg −0.184%

Together, before fees−1.332%+ Points / potential airdropLighter: Season 3 · farm board−$133 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.055% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.184%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8008	0.0208	pay 0.0026% / 1h	58m 27s	$259K	$299K	5x
Short	MEXC RAY_USDT	1.7965	0.0050	get 0.0050% / 8h	3h 58m	$12.5M	$2.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.239%Rate

Funding earned: −$33.18
Price spread: −0.239% → −0.184%: −$5.45
Slippage, 4 orders: −$77
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$119.63
Costs to cover: 0.810%
Break-even: never at this rate

Slippage from Lighter: live order book, 42 min ago; MEXC: live order book, 5 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, 42 min ago	6.37 bp	49.2 bp −$49	133.1 bp −$1,331	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	3.60 bp	7.3 bp −$7	21.8 bp −$218	99.5 bp −$9,951	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	−0.2666%	1h	1.8003	−0.027%	$90K	$418K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7973	−0.197%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.774%	$266	$25	5.5x	as long as short
MEXC RAY_USDTshort	+0.0050%	8h	1.7965	−0.239%	$12.5M	$2.4M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7966	−0.233%	$4.4M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7987	−0.117%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7990	−0.100%	$1.9M	$787K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7982	−0.144%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7976	−0.178%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8066	+0.324%	$700K	$868K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7976	−0.178%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7986	−0.122%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8033	+0.139%	$13K	$90K	20x	as long as short
Lighter RAYlong	+0.0208%	1h	1.8008	long leg	$259K	$299K	5x
BloFin RAY-USDT	+0.0220%	8h	1.8015	+0.039%	$252K	$920K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1358%	4h	1.8015	+0.039%	$323K	$400K	10x	as long as short