Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.020%

Price spread now: HTX against MEXC−0.066%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.684%+$68 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. HTX is 0.066% cheaper against MEXC than usual: you would sell low and buy high (spread −0.066% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.4 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.684% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8082	0.0050	pay 0.0050% / 8h	7h 03m	$11.8M	$2.6M	100x
Short	HTX RAY-USDT	1.8070	0.0100	get 0.0050% / 4h	3h 03m	$13K	$85K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.066%Rate

Funding earned: $10.5
Price spread: −0.066% → 0.000%: −$6.64
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee HTX: 6 bp × 2 orders: −$12
Net: −$12.14
Costs to cover: 0.160%
Break-even: 15.1 days

Slippage unknown: MEXC: live order book, 5 min ago; HTX: 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, 5 min ago	3.04 bp	7.5 bp −$7	46.5 bp −$465	120.2 bp −$12.0K	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

HTX: 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8065	−0.095%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.147%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.8082	long leg	$11.8M	$2.6M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8070	−0.066%	$4.3M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8077	−0.028%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8051	−0.171%	$1.8M	$838K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8067	−0.083%	$2.7M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8062	−0.111%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8076	−0.033%	$639K	$796K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8072	−0.055%	$68K	$26K	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	1.8072	−0.055%	—	$2.1M	10x	as long as short
HTX RAY-USDTshort	+0.0100%	4h	1.8070	−0.066%	$13K	$85K	20x
BloFin RAY-USDT	+0.0117%	8h	1.8072	−0.055%	$240K	$879K	20x	as long as short
Lighter RAY	+0.0320%	1h	1.8098	+0.088%	$234K	$340K	5x	as long as short
Kraken Futures PF_RAYUSD	+0.1919%	1h	1.8116	+0.186%	$111K	$398K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2151%	4h	1.8103	+0.116%	$320K	$379K	10x	as long as short