Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against SunX−0.261%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$170as in the Funding arb table

Net, price: spread back to 7d avg − costs−$195as in the Price arb table

costs, in and out, $10k−$1681.680% of the position

Long on SunX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)+0.327%+$33 · spread now −0.261%, 7d avg +0.008%

Together, before fees+0.310%+$31 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: Bitget is 0.269% cheaper against SunX than usual: you would sell low and buy high, −$27 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.7989	0.0100	pay 0.0050% / 4h	2h 11m	—	$2.5M	10x
Short	Bitget RAYUSDT	1.7942	0.0100	get 0.0050% / 4h	2h 11m	$2.6M	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.261%Rate

Funding earned: $0
Price spread: −0.261% → +0.008%: −$26.92
Slippage, 4 orders: −$148.01
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$194.94
Costs to cover: 1.680%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; Bitget: live order book, 1 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, 5 min ago	45.09 bp	63.5 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.62 bp	19.2 bp −$19	70.6 bp −$706	doesn't fit	doesn't fit

RAY on 15 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	1.7982	−0.038%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7883	−0.588%	$90K	$451K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.678%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7939	−0.278%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7951	−0.211%	$563K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7961	−0.156%	$1.9M	$778K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7942	−0.261%	$2.6M	$3.7M	25x
Variational Omni RAY	+0.0100%	4h	1.7933	−0.313%	$703K	$985K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7992	+0.017%	$68K	$66K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.7989	long leg	—	$2.5M	10x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7878	−0.617%	$13K	$99K	20x	as long as short
MEXC RAY_USDT	+0.0180%	8h	1.7948	−0.228%	$12.7M	$2.5M	100x	as long as short
BingX RAY-USDT	+0.0198%	4h	1.7950	−0.217%	—	$2.0M	—	as long as short
Lighter RAY	+0.0352%	1h	1.7983	−0.033%	$266K	$288K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0612%	4h	1.8001	+0.067%	$219K	$285K	10x	as long as short