Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0811%/8h= −88.8% APRpaid last 24h +0.064%

Price spread now: SunX against MEXC−0.029%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1411.412% of the position

Long on MEXC Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.754%+$75 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now −0.029%, 7d avg −0.008%

Together, before fees+0.669%+$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and SunX is 0.021% cheaper against MEXC than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.754%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.7536	0.0911	pay 0.0911% / 8h	1h 36m	$11.8M	$2.6M	100x
Short	SunX RAY-USDT	1.7531	0.0100	get 0.0050% / 4h	1h 36m	—	$2.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$170.31
Price spread: −0.029% → −0.008%: −$2.06
Slippage, 4 orders: −$129.16
Fee MEXC: 2 bp × 2 orders: −$4
Fee SunX: 4 bp × 2 orders: −$8
Net: −$313.53
Costs to cover: 1.412%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; SunX: live order book, 11 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	1.99 bp	6.6 bp −$7	36.8 bp −$368	97.7 bp −$9,770	doesn't fit
Sell SunX live order book, 11 min ago	45.12 bp	64.2 bp −$64	doesn't fit	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	1.7526	−0.060%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.318%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7479	−0.325%	$4.2M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7539	+0.017%	$549K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7541	+0.029%	$1.9M	$823K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7491	−0.257%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7545	+0.051%	$650K	$891K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7533	−0.017%	$66K	$28K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.7531	−0.029%	—	$2.4M	10x
HTX RAY-USDT	+0.0100%	4h	1.7563	+0.154%	$12K	$91K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RAY	+0.0144%	1h	1.7557	+0.120%	$243K	$314K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7550	+0.080%	$241K	$934K	20x	as long as short
BingX RAY-USDT	+0.0866%	4h	1.7540	+0.023%	—	$2.0M	—	as long as short
MEXC RAY_USDTlong	+0.0911%	8h	1.7536	long leg	$11.8M	$2.6M	100x
Kraken Futures PF_RAYUSD	+0.1350%	1h	1.7569	+0.190%	$86K	$379K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2315%	4h	1.7570	+0.194%	$307K	$393K	10x	as long as short