Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.142%

Price spread now: Lighter against OKX+0.163%7-day average +0.218% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$810.809% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.578%+$58 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now +0.163%, 7d avg +0.218%

Together, before fees+0.677%+ Points / potential airdropLighter: Season 3 · farm board+$68 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: Lighter is 0.055% cheaper against OKX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.218%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.8448	0.0100	pay 0.0100% / 8h	1h 22m	$4.6M	$13.3M	20x
Short	Lighter RAY	1.8478	0.0096	get 0.0012% / 1h	22m 04s	$298K	$251K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.163%Rate

Funding earned: −$0.84
Price spread: +0.163% → +0.218%: −$5.53
Slippage, 4 orders: −$70.93
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$87.31
Costs to cover: 0.809%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Lighter: live order book, 52 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 Lighter live order book, 52 min ago	6.30 bp	13.7 bp −$14	110.9 bp −$1,109	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	−0.2291%	1h	1.8421	−0.146%	$99K	$443K	10x	as long as short
MEXC RAY_USDT	−0.0433%	8h	1.8446	−0.011%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8430	−0.100%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.950%	$266	$25	5.5x	as long as short
Lighter RAYshort	+0.0096%	1h	1.8478	+0.163%	$298K	$251K	5x
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8448	long leg	$4.6M	$13.3M	20x
Gate RAY_USDT	+0.0100%	4h	1.8432	−0.087%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8439	−0.049%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8450	+0.011%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8450	+0.011%	—	$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	+0.090%	$734K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8436	−0.065%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8423	−0.136%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8438	−0.054%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8395	−0.287%	$260K	$866K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0485%	4h	1.8447	−0.005%	$256K	$248K	10x	as long as short