Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0248%/8h= +27.2% APRpaid last 24h +0.113%

Price spread now: BingX against MEXC−0.077%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs+$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on MEXC Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.993%+$99 on $10k

Price spread, last 7 days+0.003%$0 · spread now −0.077%, 7d avg −0.015%

Together, before fees+0.996%+$100 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.062% cheaper against MEXC than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of −0.015%). If the spread goes back, that is −$6 on $10k: about 20 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8122	0.0050	pay 0.0050% / 8h	28m 00s	$13.0M	$2.5M	100x
Short	BingX RAY-USDT	1.8108	0.0298	get 0.0149% / 4h	28m 00s	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against MEXC. 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 MEXCbpFee BingXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $52.08
Price spread: −0.077% → −0.015%: −$6.23
Slippage, 4 orders: −$26.68
Fee MEXC: 2 bp × 2 orders: −$4
Fee BingX: 5 bp × 2 orders: −$10
Net: $5.17
Costs to cover: 0.407%
Break-even: 6.3 days

Slippage from MEXC: live order book, just now; BingX: 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 MEXC live order book, just now	1.93 bp	7.3 bp −$7	43.0 bp −$430	94.9 bp −$9,487	doesn't fit
Sell BingX live order book, 5 min ago	2.20 bp	13.2 bp −$13	36.8 bp −$368	223.7 bp −$22.4K	558.2 bp −$279.1K

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	−0.2427%	1h	1.8080	−0.230%	$95K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8121	−0.007%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.348%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.8122	long leg	$13.0M	$2.5M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8086	−0.199%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8111	−0.061%	$563K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8122	0.000%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8120	−0.011%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8096	−0.144%	$710K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8124	+0.013%	$106K	$44K	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	1.8133	+0.061%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8110	−0.066%	$15K	$121K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8109	−0.072%	$259K	$854K	20x	as long as short
BingX RAY-USDTshort	+0.0298%	4h	1.8108	−0.077%	—	$2.0M	—
Lighter RAY	+0.0440%	1h	1.8143	+0.116%	$287K	$255K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0608%	4h	1.8138	+0.088%	$251K	$247K	10x	as long as short