Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.081%

Price spread now: Orderly against MEXC−0.087%7-day average +0.024% · you buy dearer than you sell

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

Long on MEXC Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.747%+$75 on $10k

Price spread, last 3 days (all we have)+0.223%+$22 · spread now −0.087%, 7d avg +0.024%

Together, before fees+0.970%+$97 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.111% cheaper against MEXC than usual: you would sell low and buy high (spread −0.087% now, against its 7-day average of +0.024%). If the spread goes back, that is −$11 on $10k: about 5.8 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.747% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8315	0.0301	pay 0.0301% / 8h	2h 34m	$13.6M	$2.5M	100x
Short	Orderly PERP_RAY_USDC	1.8299	0.0365	get 0.0183% / 4h	2h 34m	$253K	$237K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.087%Rate

Funding earned: $13.47
Price spread: −0.087% → +0.024%: −$11.09
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$7.62
Costs to cover: 0.100%
Break-even: 11.0 days

Slippage unknown: MEXC: live order book, 4 min ago; Orderly: 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, 4 min ago	3.82 bp	8.5 bp −$9	51.0 bp −$510	127.6 bp −$12.8K	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Kraken Futures PF_RAYUSD	−0.0047%	1h	1.8271	−0.240%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8279	−0.197%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.303%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8270	−0.246%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8332	+0.093%	$584K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8320	+0.027%	$2.1M	$756K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8281	−0.186%	$2.6M	$3.3M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8304	−0.060%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8353	+0.209%	$725K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8292	−0.127%	$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	1.8300	−0.082%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8262	−0.289%	$15K	$151K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8383	+0.371%	$256K	$857K	20x	as long as short
MEXC RAY_USDTlong	+0.0301%	8h	1.8315	long leg	$13.6M	$2.5M	100x
Orderly PERP_RAY_USDCshort	+0.0365%	4h	1.8299	−0.087%	$253K	$237K	10x
Lighter RAY	+0.0656%	1h	1.8307	−0.044%	$319K	$247K	5x	as long as short