Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0017%/8h= −1.8% APRpaid last 24h +0.044%

Price spread now: Injective against MEXC−8.264%85s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Injective is 8.264% cheaper against MEXC than usual: you would sell low and buy high (−$826 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.7908	0.0050	pay 0.0050% / 8h	5h 41m	$12.5M	$2.4M	100x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	41m 49s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −8.264%Rate

Funding earned: −$3.5
Price spread: −8.264% → 0.000%: −$826.45
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$833.97
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 7 min ago; Injective: 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, 7 min ago	4.21 bp	9.2 bp −$9	44.8 bp −$448	125.3 bp −$12.5K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	1.7922	+0.081%	$1K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−8.264%	$266	$25	5.5x
MEXC RAY_USDTlong	+0.0050%	8h	1.7908	long leg	$12.5M	$2.4M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7890	−0.101%	$4.5M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7919	+0.061%	$556K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7911	+0.017%	$1.9M	$775K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7904	−0.022%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7908	0.000%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7822	−0.481%	$696K	$987K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7940	+0.180%	$67K	$66K	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	1.7939	+0.173%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7925	+0.095%	$13K	$94K	20x	as long as short
Lighter RAY	+0.0168%	1h	1.7930	+0.123%	$264K	$285K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7930	+0.123%	$254K	$865K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0562%	4h	1.7935	+0.151%	$218K	$285K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0777%	1h	1.7909	+0.006%	$90K	$452K	10x	as long as short