Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Bullet against OKX−0.101%54s7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$650.648% of the position

Long on OKX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.016%+$2 on $10k

Price spread, last 3 days (all we have)+0.676%+$68 · spread now −0.101%, 7d avg +0.068%

Together, before fees+0.691%+$69 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: Bullet is 0.169% cheaper against OKX than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.068%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.8422	0.0100	pay 0.0100% / 8h	1h 22m	$4.6M	$13.3M	20x
Short	Bullet RAY-USD	1.8403	0.0100	get 0.0013% / 1h	22m 32s	$108K	$47K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.101%Rate

Funding earned: $0
Price spread: −0.101% → +0.068%: −$16.86
Slippage, 4 orders: −$46.79
Fee OKX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$81.66
Costs to cover: 0.648%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Bullet: live order book, 61 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, 1 min ago	0.54 bp	24.1 bp −$24	146.9 bp −$1,469	doesn't fit	doesn't fit
Sell Bullet live order book, 61 min ago	1.64 bp	7.3 bp −$7	11.8 bp −$118	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	−0.2293%	1h	1.8407	−0.082%	$99K	$443K	10x	as long as short
MEXC RAY_USDT	−0.0433%	8h	1.8402	−0.109%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8397	−0.138%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.824%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8437	+0.081%	$298K	$251K	5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8422	long leg	$4.6M	$13.3M	20x
Gate RAY_USDT	+0.0100%	4h	1.8402	−0.109%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8410	−0.065%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8408	−0.076%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8419	−0.016%	—	$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	1.8465	+0.232%	$734K	$1.0M	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.8403	−0.101%	$108K	$47K	10x
SunX RAY-USDT	+0.0100%	4h	1.8405	−0.092%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8368	−0.293%	$15K	$135K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8395	−0.147%	$260K	$866K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0483%	4h	1.8416	−0.033%	$255K	$248K	10x	as long as short