Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1780%/8h= −194.9% APRpaid last 24h −0.107%

Price spread now: Injective against Orderly−5.781%58s7-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 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 −$53 a day on $10k at the current rate, and Injective is 5.781% cheaper against Orderly than usual: you would sell low and buy high (−$578 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_RAY_USDC	1.7436	0.1814	pay 0.0907% / 4h	2h 41m	$312K	$391K	10x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	41m 34s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −5.781%Rate

Funding earned: −$373.86
Price spread: −5.781% → 0.000%: −$578.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$957.99
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and 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
Kraken Futures PF_RAYUSD	−0.1584%	1h	1.7452	+0.093%	$86K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7385	−0.291%	$430	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−5.781%	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7407	−0.166%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7415	−0.120%	$545K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7406	−0.172%	$1.9M	$831K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7394	−0.241%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7319	−0.671%	$668K	$869K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7399	−0.212%	$65K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7395	−0.235%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7404	−0.184%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7393	−0.247%	$248K	$916K	20x	as long as short
Lighter RAY	+0.0488%	1h	1.7426	−0.057%	$246K	$308K	5x	as long as short
BingX RAY-USDT	+0.0600%	4h	1.7406	−0.172%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0792%	8h	1.7409	−0.155%	$11.8M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDClong	+0.1814%	4h	1.7436	long leg	$312K	$391K	10x