Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h −0.023%

Price spread now: gTrade (Gains Network) against OKX−0.252%7-day average — · you buy dearer than you sell

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

Long on OKX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and gTrade (Gains Network) is 0.252% cheaper against OKX than usual: you would sell low and buy high (−$25 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.8284	0.0100	pay 0.0100% / 8h	5h 14m	$4.5M	$13.1M	20x
Short	gTrade (Gains Network) RAY/USD	1.8238	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	14m 01s	$1K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.252%Rate

Funding earned: −$32.67
Price spread: −0.252% → 0.000%: −$25.16
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$77.83
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 min ago; gTrade (Gains Network): 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 OKX live order book, 4 min ago	0.27 bp	24.5 bp −$25	131.5 bp −$1,315	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8238	−0.252%	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.151%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8284	long leg	$4.5M	$13.1M	20x
Gate RAY_USDT	+0.0100%	4h	1.8259	−0.137%	$586K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8278	−0.033%	$2.0M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8302	+0.098%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8248	−0.194%	$713K	$961K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8244	−0.219%	$69K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8238	−0.252%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8252	−0.175%	$13K	$90K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX RAY-USDT	+0.0134%	4h	1.8306	+0.120%	—	$2.0M	—	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8201	−0.454%	$211K	$878K	20x	as long as short
MEXC RAY_USDT	+0.0226%	8h	1.8295	+0.060%	$12.7M	$2.4M	100x	as long as short
Lighter RAY	+0.0376%	1h	1.8281	−0.016%	$269K	$298K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0750%	4h	1.8294	+0.055%	$328K	$402K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0765%	1h	1.8208	−0.416%	$91K	$456K	10x	as long as short