Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.004%

Price spread now: Injective against OKX−9.761%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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$2 a day on $10k at the current rate, and Injective is 9.761% cheaper against OKX than usual: you would sell low and buy high (−$976 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	1.8205	0.0100	pay 0.0100% / 8h	5h 15m	$4.5M	$13.0M	20x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	15m 21s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −9.761%Rate

Funding earned: −$14
Price spread: −9.761% → 0.000%: −$976.11
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,000.13
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Injective: 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, 3 min ago	0.27 bp	24.5 bp −$25	131.5 bp −$1,315	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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/USD	L +0.0001% / S +0.0056%	1h	1.8200	−0.027%	$1K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−9.761%	$266	$25	5.5x
MEXC RAY_USDT	+0.0050%	8h	1.8200	−0.027%	$12.7M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8205	long leg	$4.5M	$13.0M	20x
Gate RAY_USDT	+0.0100%	4h	1.8224	+0.104%	$585K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8213	+0.044%	$2.0M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8201	−0.022%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8201	−0.022%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8248	+0.239%	$713K	$961K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8208	+0.016%	$68K	$66K	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	1.8202	−0.016%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8237	+0.176%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8236	+0.170%	$212K	$879K	20x	as long as short
Lighter RAY	+0.0336%	1h	1.8247	+0.231%	$269K	$297K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0745%	4h	1.8251	+0.253%	$327K	$402K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0766%	1h	1.8171	−0.184%	$91K	$456K	10x	as long as short