Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.081%

Price spread now: MEXC against SunX−0.028%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$219as in the Funding arb table

Net, price: spread back to 7d avg − costs−$144as in the Price arb table

costs, in and out, $10k−$1401.405% of the position

Long on SunX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.786%−$79 on $10k

Price spread, last 3 days (all we have)+0.160%+$16 · spread now −0.028%, 7d avg +0.007%

Together, before fees−0.626%−$63 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.035% cheaper against SunX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8133	0.0100	pay 0.0050% / 4h	28m 18s	—	$2.6M	10x
Short	MEXC RAY_USDT	1.8128	0.0050	get 0.0050% / 8h	28m 18s	$13.0M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$10.5
Price spread: −0.028% → +0.007%: −$3.46
Slippage, 4 orders: −$128.49
Fee SunX: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$154.46
Costs to cover: 1.405%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; MEXC: live order book, 5 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, 9 min ago	44.83 bp	63.4 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.93 bp	6.0 bp −$6	38.2 bp −$382	105.1 bp −$10.5K	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	−0.2427%	1h	1.8080	−0.290%	$95K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8121	−0.068%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.403%	$266	$25	5.5x	as long as short
MEXC RAY_USDTshort	+0.0050%	8h	1.8128	−0.028%	$13.0M	$2.5M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8100	−0.182%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8118	−0.083%	$563K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8125	−0.044%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8120	−0.072%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8096	−0.204%	$710K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8124	−0.048%	$106K	$44K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDTlong	+0.0100%	4h	1.8133	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8110	−0.127%	$15K	$121K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8109	−0.132%	$259K	$854K	20x	as long as short
BingX RAY-USDT	+0.0298%	4h	1.8123	−0.055%	—	$2.0M	—	as long as short
Lighter RAY	+0.0440%	1h	1.8143	+0.055%	$287K	$255K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0608%	4h	1.8138	+0.028%	$251K	$247K	10x	as long as short