Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.034%

Price spread now: OKX against SunX−0.109%47s7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1751.753% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 3 days (all we have)+0.279%+$28 · spread now −0.109%, 7d avg −0.031%

Together, before fees+0.184%+$18 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: OKX is 0.078% cheaper against SunX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.031%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8301	0.0100	pay 0.0050% / 4h	2h 46m	—	$2.6M	10x
Short	OKX RAY-USDT-SWAP	1.8281	0.0100	get 0.0100% / 8h	2h 46m	$4.6M	$13.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.109%Rate

Funding earned: $0
Price spread: −0.109% → −0.031%: −$7.8
Slippage, 4 orders: −$157.34
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$183.15
Costs to cover: 1.753%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; OKX: live order book, 2 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, 10 min ago	45.03 bp	63.4 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.09 bp	20.0 bp −$20	136.1 bp −$1,361	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	−0.0047%	1h	1.8291	−0.057%	$108K	$432K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8279	−0.122%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.234%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8281	−0.109%	$4.6M	$13.2M	20x
Gate RAY_USDT	+0.0100%	4h	1.8291	−0.055%	$585K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8291	−0.055%	$2.1M	$756K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8283	−0.098%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8294	−0.038%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8228	−0.401%	$717K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8274	−0.148%	$107K	$46K	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	1.8301	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8297	−0.022%	$15K	$154K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8265	−0.197%	$259K	$850K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0328%	4h	1.8295	−0.033%	$253K	$235K	10x	as long as short
Lighter RAY	+0.0336%	1h	1.8314	+0.071%	$320K	$246K	5x	as long as short
MEXC RAY_USDT	+0.0430%	8h	1.8281	−0.109%	$13.6M	$2.5M	100x	as long as short