Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.108%

Price spread now: SunX against Lighter−0.314%7-day average −0.175% · you buy dearer than you sell

Net, funding: paid 7d − costs−$207as in the Funding arb table

Net, price: spread back to 7d avg − costs−$173as in the Price arb table

costs, in and out, $10k−$1591.587% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.484%−$48 on $10k

Price spread, last 3 days (all we have)−0.298%−$30 · spread now −0.314%, 7d avg −0.175%

Together, before fees−0.782%+ Points / potential airdropLighter: Season 3 · farm board−$78 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: SunX is 0.139% cheaper against Lighter than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.175%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8481	0.0096	pay 0.0012% / 1h	21m 28s	$298K	$251K	5x
Short	SunX RAY-USDT	1.8423	0.0100	get 0.0050% / 4h	1h 21m	—	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.314%Rate

Funding earned: $0.84
Price spread: −0.314% → −0.175%: −$13.87
Slippage, 4 orders: −$150.72
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$171.75
Costs to cover: 1.587%
Break-even: 1438.3 days

Slippage from Lighter: live order book, 53 min ago; SunX: 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, 53 min ago	6.30 bp	16.5 bp −$16	112.3 bp −$1,123	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	45.81 bp	64.6 bp −$65	doesn't fit	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	−0.2291%	1h	1.8421	−0.324%	$99K	$443K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8430	−0.278%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.109%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8445	−0.195%	$13.5M	$2.5M	100x	as long as short
Lighter RAYlong	+0.0096%	1h	1.8481	long leg	$298K	$251K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8426	−0.298%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8431	−0.271%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8441	−0.216%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8440	−0.222%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8448	−0.179%	—	$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	1.8465	−0.088%	$734K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8436	−0.243%	$108K	$47K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.8423	−0.314%	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8438	−0.233%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8395	−0.465%	$260K	$866K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0485%	4h	1.8447	−0.184%	$256K	$248K	10x	as long as short