Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.016%

Price spread now: KuCoin against OKX+0.257%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1551.553% of the position

Long on OKX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 7 days−0.267%−$27 · spread now +0.257%, 7d avg +0.013%

Together, before fees−0.218%−$22 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: KuCoin is 0.243% dearer against OKX than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.7930	0.0100	pay 0.0100% / 8h	3h 24m	$4.2M	$11.8M	20x
Short	KuCoin RAYUSDTM	1.7976	0.0100	get 0.0050% / 4h	3h 24m	$1.8M	$841K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.257%Rate

Funding earned: $0
Price spread: +0.257% → +0.013%: $24.33
Slippage, 4 orders: −$133.28
Fee OKX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$130.95
Costs to cover: 1.553%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; KuCoin: live order book, 4 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	1.95 bp	22.0 bp −$22	129.2 bp −$1,292	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	6.95 bp	37.5 bp −$38	306.0 bp −$3,060	doesn't fit	doesn't fit

RAY on 16 exchanges

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	1.7955	+0.142%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.377%	$266	$25	5.5x	as long as short
BloFin RAY-USDT	+0.0094%	8h	1.7979	+0.273%	$245K	$837K	20x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.7930	long leg	$4.2M	$11.8M	20x
Gate RAY_USDT	+0.0100%	4h	1.7972	+0.234%	$582K	$865K	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.7976	+0.257%	$1.8M	$841K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7945	+0.084%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7944	+0.078%	—	$1.9M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8025	+0.531%	$636K	$731K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7960	+0.168%	$68K	$26K	10x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7982	+0.290%	—	$1.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8011	+0.452%	$13K	$71K	20x	as long as short
Lighter RAY	+0.0312%	1h	1.7983	+0.296%	$215K	$345K	5x	as long as short
MEXC RAY_USDT	+0.0697%	8h	1.7964	+0.190%	$11.0M	$2.6M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1375%	1h	1.7872	−0.325%	$92K	$385K	10x	as long as short
Orderly PERP_RAY_USDC	+0.1398%	4h	1.7986	+0.312%	$299K	$384K	10x	as long as short