Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.058%

Price spread now: KuCoin against MEXC−0.094%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1221.223% of the position

Long on MEXC Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.690%+$69 on $10k

Price spread, last 7 days−0.044%−$4 · spread now −0.094%, 7d avg −0.015%

Together, before fees+0.646%+$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.079% cheaper against MEXC than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of −0.015%). If the spread goes back, that is −$8 on $10k: about 5.3 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.690% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8043	0.0050	pay 0.0050% / 8h	5h 32m	$12.6M	$2.4M	100x
Short	KuCoin RAYUSDTM	1.8026	0.0100	get 0.0050% / 4h	1h 32m	$1.9M	$775K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.094%Rate

Funding earned: $10.5
Price spread: −0.094% → −0.015%: −$7.88
Slippage, 4 orders: −$106.32
Fee MEXC: 2 bp × 2 orders: −$4
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$119.7
Costs to cover: 1.223%
Break-even: 86.8 days

Slippage from MEXC: live order book, 1 min ago; KuCoin: live order book, 4 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	3.60 bp	8.9 bp −$9	45.0 bp −$450	116.7 bp −$11.7K	doesn't fit
Sell KuCoin live order book, 4 min ago	7.75 bp	52.6 bp −$53	329.6 bp −$3,296	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8025	−0.099%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.951%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.8043	long leg	$12.6M	$2.4M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8032	−0.061%	$4.5M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8019	−0.133%	$567K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.8026	−0.094%	$1.9M	$775K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8035	−0.044%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8051	+0.044%	$705K	$978K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8040	−0.017%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8038	−0.028%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8007	−0.200%	$13K	$92K	20x	as long as short
BingX RAY-USDT	+0.0186%	4h	1.8037	−0.033%	—	$2.0M	—	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8033	−0.055%	$254K	$870K	20x	as long as short
Lighter RAY	+0.0232%	1h	1.8067	+0.133%	$266K	$286K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0605%	4h	1.8074	+0.172%	$320K	$397K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0774%	1h	1.7996	−0.261%	$89K	$452K	10x	as long as short