Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.024%

Price spread now: Bitget against OKX−0.056%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$900.900% of the position

Long on OKX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 7 days+0.095%+$10 · spread now −0.056%, 7d avg +0.027%

Together, before fees+0.173%+$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.083% cheaper against OKX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.7903	0.0100	pay 0.0100% / 8h	3h 33m	$4.3M	$12.8M	20x
Short	Bitget RAYUSDT	1.7893	0.0100	get 0.0050% / 4h	3h 33m	$2.6M	$3.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against OKX. 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 OKXbpFee BitgetbpOrdersPrice spread, now −0.056%Rate

Funding earned: $0
Price spread: −0.056% → +0.027%: −$8.31
Slippage, 4 orders: −$68.01
Fee OKX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$98.32
Costs to cover: 0.900%
Break-even: never at this rate

Slippage from OKX: live order book, just now; Bitget: live order book, 5 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 OKX live order book, just now	0.84 bp	23.8 bp −$24	198.5 bp −$1,985	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	3.36 bp	19.8 bp −$20	63.4 bp −$634	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	−0.2690%	1h	1.7845	−0.325%	$90K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7890	−0.072%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.239%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7891	−0.067%	$12.4M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.7929	+0.145%	$256K	$302K	5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.7903	long leg	$4.3M	$12.8M	20x
Gate RAY_USDT	+0.0100%	4h	1.7863	−0.223%	$577K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7876	−0.151%	$1.9M	$783K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7893	−0.056%	$2.6M	$3.8M	25x
BingX RAY-USDT	+0.0100%	4h	1.7876	−0.151%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.7837	−0.367%	$692K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7897	−0.033%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7903	0.000%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7857	−0.257%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7891	−0.067%	$249K	$937K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1544%	4h	1.7936	+0.184%	$322K	$400K	10x	as long as short