Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0270%/8h= +29.6% APRpaid last 24h +0.186%

Price spread now: Lighter against MEXC+0.230%7-day average +0.186% · you sell dearer than you buy

Net, funding: paid 7d − costs+$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$750.752% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+1.265%+$126 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now +0.230%, 7d avg +0.186%

Together, before fees+1.352%+ Points / potential airdropLighter: Season 3 · farm board+$135 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Lighter is 0.044% dearer against MEXC than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.186%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8261	0.0418	pay 0.0418% / 8h	2h 31m	$13.6M	$2.5M	100x
Short	Lighter RAY	1.8303	0.0688	get 0.0086% / 1h	31m 07s	$319K	$247K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.230%Rate

Funding earned: $56.7
Price spread: +0.230% → +0.186%: $4.4
Slippage, 4 orders: −$71.17
Fee MEXC: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$14.06
Costs to cover: 0.752%
Break-even: 8.7 days

Slippage from MEXC: live order book, 2 min ago; Lighter: live order book, 52 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, 2 min ago	1.10 bp	5.3 bp −$5	42.6 bp −$426	102.4 bp −$10.2K	doesn't fit
Sell Lighter live order book, 52 min ago	6.50 bp	15.8 bp −$16	99.1 bp −$991	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	−0.0047%	1h	1.8233	−0.154%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8268	+0.038%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.038%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8253	−0.044%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8258	−0.016%	$581K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8260	−0.005%	$2.1M	$758K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8261	0.000%	$2.6M	$3.3M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8254	−0.038%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8353	+0.506%	$725K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8265	+0.022%	$107K	$46K	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	1.8259	−0.011%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8244	−0.093%	$15K	$150K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8247	−0.077%	$256K	$851K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0374%	4h	1.8287	+0.142%	$253K	$237K	10x	as long as short
MEXC RAY_USDTlong	+0.0418%	8h	1.8261	long leg	$13.6M	$2.5M	100x
Lighter RAYshort	+0.0688%	1h	1.8303	+0.230%	$319K	$247K	5x