Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0606%/8h= −66.3% APRpaid last 24h −0.071%

Price spread now: gTrade (Gains Network) against Orderly−0.108%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 −$18 a day on $10k at the current rate, and gTrade (Gains Network) is 0.108% cheaper against Orderly than usual: you would sell low and buy high (−$11 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	Orderly PERP_RAY_USDC	1.8079	0.0550	pay 0.0275% / 4h	3h 39m	$251K	$242K	10x
Short	gTrade (Gains Network) RAY/USD	1.8059	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	39m 40s	$2K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.108%Rate

Funding earned: −$127.23
Price spread: −0.108% → 0.000%: −$10.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$154.01
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

Orderly and 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
Kraken Futures PF_RAYUSD	−0.1815%	1h	1.8006	−0.404%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8059	−0.108%	$2K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.132%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0082%	8h	1.8070	−0.050%	$12.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8052	−0.149%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8041	−0.210%	$562K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8055	−0.133%	$2.0M	$763K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8058	−0.116%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8048	−0.171%	—	$2.1M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7990	−0.494%	$705K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8071	−0.046%	$106K	$44K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8066	−0.072%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8006	−0.404%	$15K	$111K	20x	as long as short
Lighter RAY	+0.0152%	1h	1.8091	+0.066%	$275K	$278K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7986	−0.514%	$255K	$859K	20x	as long as short
Orderly PERP_RAY_USDClong	+0.0550%	4h	1.8079	long leg	$251K	$242K	10x