Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.035%

Price spread now: BingX against SunX−0.051%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$161as in the Price arb table

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

Long on SunX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.051%, 7d avg +0.006%

Together, before fees+0.351%+$35 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: BingX is 0.057% cheaper against SunX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.7569	0.0100	pay 0.0050% / 4h	1h 04m	—	$2.4M	10x
Short	BingX RAY-USDT	1.7560	0.0100	get 0.0050% / 4h	1h 04m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against SunX. 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 SunXbpFee BingXbpOrdersPrice spread, now −0.051%Rate

Funding earned: $0
Price spread: −0.051% → +0.006%: −$5.72
Slippage, 4 orders: −$137.25
Fee SunX: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$160.97
Costs to cover: 1.553%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; BingX: live order book, 14 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 SunX live order book, 3 min ago	45.41 bp	63.6 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 14 min ago	2.27 bp	15.3 bp −$15	31.1 bp −$311	256.3 bp −$25.6K	673.2 bp −$336.6K

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	1.7554	−0.086%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.494%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7566	−0.017%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7562	−0.040%	$549K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7566	−0.017%	$1.9M	$822K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7568	−0.006%	$2.6M	$4.0M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.7560	−0.051%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7595	+0.150%	$652K	$883K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7561	−0.046%	$66K	$28K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.7569	long leg	—	$2.4M	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7586	+0.097%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7582	+0.074%	$241K	$879K	20x	as long as short
Lighter RAY	+0.0304%	1h	1.7584	+0.085%	$241K	$319K	5x	as long as short
MEXC RAY_USDT	+0.0831%	8h	1.7573	+0.023%	$11.8M	$2.6M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1347%	1h	1.7605	+0.204%	$86K	$376K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2291%	4h	1.7594	+0.142%	$311K	$396K	10x	as long as short