Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0012%/8h= −1.4% APRpaid last 24h −0.049%

Price spread now: BloFin against BingX−0.601%111s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as 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−$680.679% of the position

Long on BingX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 4 days (all we have)+0.637%+$64 · spread now −0.601%, 7d avg −0.049%

Together, before fees+0.468%+$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BloFin is 0.552% cheaper against BingX than usual: you would sell low and buy high (−$55 if the spread goes back to its 7-day average of −0.049%). Swap the legs. The two prices were read 111 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	BingX RAY-USDT	1.7646	0.0100	pay 0.0050% / 4h	47m 25s	—	$1.9M	—
Short	BloFin RAY-USDT	1.7540	0.0088	get 0.0088% / 8h	4h 47m	$242K	$823K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee BloFinbpOrdersPrice spread, now −0.601%Rate

Funding earned: −$2.59
Price spread: −0.601% → −0.049%: −$55.16
Slippage, 4 orders: −$45.95
Fee BingX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$125.69
Costs to cover: 0.679%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; BloFin: live order book, 57 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 BingX live order book, 9 min ago	1.99 bp	13.6 bp −$14	37.9 bp −$379	378.1 bp −$37.8K	720.4 bp −$360.2K
Sell BloFin live order book, 57 min ago	1.14 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit

RAY on 16 exchanges

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	−0.0687%	1h	1.7656	+0.059%	$94K	$424K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7630	−0.094%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.902%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7647	+0.006%	$11.1M	$2.5M	100x	as long as short
BloFin RAY-USDTshort	+0.0088%	8h	1.7540	−0.601%	$242K	$823K	20x
Lighter RAY	+0.0096%	1h	1.7643	−0.017%	$218K	$336K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7634	−0.068%	$4.1M	$11.6M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7629	−0.096%	$563K	$859K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7620	−0.147%	$1.8M	$790K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7641	−0.028%	$2.6M	$3.5M	25x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX RAY-USDTlong	+0.0100%	4h	1.7646	long leg	—	$1.9M	—
Variational Omni RAY	+0.0100%	4h	1.7550	−0.545%	$617K	$743K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7647	+0.004%	$66K	$26K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7602	−0.249%	—	$1.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7600	−0.261%	$13K	$70K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1585%	4h	1.7662	+0.091%	$293K	$363K	10x	as long as short