Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h −0.145%

Price spread now: OKX against Lighter−0.316%7-day average −0.217% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1201.204% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.595%−$59 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now −0.316%, 7d avg −0.217%

Together, before fees−0.595%+ Points / potential airdropLighter: Season 3 · farm board−$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and OKX is 0.099% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.217%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8039	0.0424	pay 0.0053% / 1h	59m 31s	$260K	$299K	5x
Short	OKX RAY-USDT-SWAP	1.7982	0.0100	get 0.0100% / 8h	3h 59m	$4.4M	$12.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.316%Rate

Funding earned: −$68.04
Price spread: −0.316% → −0.217%: −$9.93
Slippage, 4 orders: −$110.44
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$198.41
Costs to cover: 1.204%
Break-even: never at this rate

Slippage from Lighter: live order book, 41 min ago; OKX: live order book, 4 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, 41 min ago	6.37 bp	49.2 bp −$49	133.1 bp −$1,331	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.94 bp	23.0 bp −$23	131.4 bp −$1,314	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	−0.3803%	1h	1.7969	−0.388%	$90K	$418K	10x	as long as short
MEXC RAY_USDT	−0.0433%	8h	1.7994	−0.249%	$12.6M	$2.4M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7982	−0.315%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.931%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.7982	−0.316%	$4.4M	$12.9M	20x
Gate RAY_USDT	+0.0100%	4h	1.8022	−0.094%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8005	−0.188%	$1.9M	$787K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7999	−0.222%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8054	+0.083%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8066	+0.152%	$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	1.7986	−0.293%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8039	0.000%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8030	−0.050%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8097	+0.322%	$253K	$924K	20x	as long as short
Lighter RAYlong	+0.0424%	1h	1.8039	long leg	$260K	$299K	5x
Orderly PERP_RAY_USDC	+0.1345%	4h	1.8074	+0.194%	$324K	$400K	10x	as long as short