Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.053%

Price spread now: Bullet against MEXC+0.002%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.7483	0.0050	pay 0.0050% / 8h	2h 19m	$11.8M	$2.6M	100x
Short	Bullet RAY-USD	1.7483	0.0100	get 0.0013% / 1h	19m 49s	$66K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.002%Rate

Funding earned: $10.5
Price spread: +0.002% → 0.000%: $0.16
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$1.34
Costs to cover: 0.120%
Break-even: 7.9 days

Slippage unknown: MEXC: live order book, 3 min ago; Bullet: no order-book sample. Net counts fees only.

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, 3 min ago	3.73 bp	8.4 bp −$8	43.4 bp −$434	120.7 bp −$12.1K	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1580%	1h	1.7498	+0.085%	$86K	$398K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7466	−0.098%	$432	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.034%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.7483	long leg	$11.8M	$2.6M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7465	−0.103%	$4.2M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7463	−0.114%	$545K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7479	−0.023%	$1.9M	$830K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7480	−0.017%	$2.6M	$4.1M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7453	−0.172%	$673K	$870K	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.7483	+0.002%	$66K	$66K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7480	−0.017%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7488	+0.029%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7443	−0.229%	$241K	$929K	20x	as long as short
Lighter RAY	+0.0480%	1h	1.7480	−0.017%	$245K	$310K	5x	as long as short
BingX RAY-USDT	+0.0724%	4h	1.7482	−0.006%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.1962%	4h	1.7513	+0.172%	$314K	$391K	10x	as long as short