Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0197%/8h= −21.6% APRpaid last 24h +0.081%

Price spread now: Gate against MEXC−0.033%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$174as in the Price arb table

costs, in and out, $10k−$1741.740% of the position

Long on MEXC Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.662%+$66 on $10k

Price spread, last 7 days−0.015%−$1 · spread now −0.033%, 7d avg −0.029%

Together, before fees+0.647%+$65 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.662%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8127	0.0297	pay 0.0297% / 8h	32m 18s	$13.0M	$2.5M	100x
Short	Gate RAY_USDT	1.8121	0.0100	get 0.0050% / 4h	32m 18s	$563K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.033%Rate

Funding earned: −$41.37
Price spread: −0.033% → −0.029%: −$0.44
Slippage, 4 orders: −$155
Fee MEXC: 2 bp × 2 orders: −$4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$215.81
Costs to cover: 1.740%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Gate: 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, 1 min ago	1.93 bp	7.1 bp −$7	47.3 bp −$473	114.4 bp −$11.4K	doesn't fit
Sell Gate live order book, 5 min ago	7.17 bp	91.6 bp −$92	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	−0.2425%	1h	1.8094	−0.180%	$96K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8118	−0.047%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.373%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8115	−0.066%	$4.6M	$13.0M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.8121	−0.033%	$563K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8120	−0.039%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8129	+0.011%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8126	−0.006%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8179	+0.286%	$722K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8127	0.000%	$106K	$45K	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	1.8121	−0.033%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8125	−0.011%	$15K	$122K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8106	−0.116%	$259K	$854K	20x	as long as short
MEXC RAY_USDTlong	+0.0297%	8h	1.8127	long leg	$13.0M	$2.5M	100x
Lighter RAY	+0.0416%	1h	1.8149	+0.121%	$288K	$255K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0603%	4h	1.8143	+0.088%	$251K	$247K	10x	as long as short