Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.110%

Price spread now: Lighter against SunX+0.028%7-day average +0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$178as in the Price arb table

costs, in and out, $10k−$1631.634% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.488%+$49 on $10k

Price spread, last 3 days (all we have)+0.438%+$44 · spread now +0.028%, 7d avg +0.174%

Together, before fees+0.926%+ Points / potential airdropLighter: Season 3 · farm board+$93 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.146% cheaper against SunX than usual: you would sell low and buy high (spread +0.028% now, against its 7-day average of +0.174%). If the spread goes back, that is −$15 on $10k: about 14 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.488% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.7999	0.0100	pay 0.0050% / 4h	3h 41m	—	$2.6M	10x
Short	Lighter RAY	1.8004	0.0136	get 0.0017% / 1h	41m 49s	$273K	$278K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.028%Rate

Funding earned: $7.56
Price spread: +0.028% → +0.174%: −$14.65
Slippage, 4 orders: −$155.44
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$170.53
Costs to cover: 1.634%
Break-even: 164.9 days

Slippage from SunX: live order book, 5 min ago; Lighter: 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, 5 min ago	45.84 bp	64.0 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 14 min ago	2.79 bp	15.4 bp −$15	97.4 bp −$974	doesn't fit	doesn't fit

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	−0.1821%	1h	1.7949	−0.279%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7994	−0.026%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.728%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7990	−0.050%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7979	−0.111%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7995	−0.022%	$560K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8002	+0.017%	$2.0M	$763K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7992	−0.039%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8002	+0.017%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7985	−0.079%	$703K	$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	1.7997	−0.011%	$106K	$44K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.7999	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.7982	−0.094%	$15K	$112K	20x	as long as short
Lighter RAYshort	+0.0136%	1h	1.8004	+0.028%	$273K	$278K	5x
BloFin RAY-USDT	+0.0220%	8h	1.7994	−0.028%	$255K	$859K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0555%	4h	1.8011	+0.067%	$250K	$242K	10x	as long as short