Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: Bullet against SunX−0.007%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Bullet

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8246	0.0100	pay 0.0050% / 4h	1h 16m	—	$2.4M	10x
Short	Bullet RAY-USD	1.8245	0.0100	get 0.0013% / 1h	16m 52s	$69K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0
Price spread: −0.007% → 0.000%: −$0.66
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$16.66
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 10 min ago; Bullet: 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 SunX live order book, 10 min ago	45.05 bp	63.5 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8241	−0.028%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.964%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8247	+0.005%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8257	+0.060%	$586K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8259	+0.071%	$2.0M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8253	+0.038%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8259	+0.071%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8319	+0.398%	$716K	$961K	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.8245	−0.007%	$69K	$66K	10x
SunX RAY-USDTlong	+0.0100%	4h	1.8246	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	1.8237	−0.049%	$13K	$90K	20x	as long as short
MEXC RAY_USDT	+0.0133%	8h	1.8245	−0.005%	$12.7M	$2.4M	100x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8236	−0.055%	$212K	$879K	20x	as long as short
Lighter RAY	+0.0328%	1h	1.8276	+0.164%	$266K	$289K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0732%	4h	1.8285	+0.214%	$328K	$402K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0766%	1h	1.8184	−0.338%	$91K	$456K	10x	as long as short