Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.063%

Price spread now: Bullet against BingX−0.072%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$410.415% of the position

Long on BingX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.165%−$16 on $10k

Price spread, last 3 days (all we have)+0.594%+$59 · spread now −0.072%, 7d avg +0.033%

Together, before fees+0.429%+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bullet is 0.104% cheaper against BingX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.8117	0.0298	pay 0.0149% / 4h	27m 04s	—	$2.0M	—
Short	Bullet RAY-USD	1.8104	0.0100	get 0.0013% / 1h	27m 04s	$106K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against BingX. 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 BingXbpFee BulletbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$41.58
Price spread: −0.072% → +0.033%: −$10.43
Slippage, 4 orders: −$23.45
Fee BingX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$93.46
Costs to cover: 0.415%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Bullet: live order book, 52 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, 6 min ago	2.20 bp	14.3 bp −$14	45.0 bp −$450	326.3 bp −$32.6K	755.2 bp −$377.6K
Sell Bullet live order book, 52 min ago	1.62 bp	7.3 bp −$7	11.4 bp −$114	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	−0.2429%	1h	1.8058	−0.324%	$95K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8107	−0.057%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.323%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8108	−0.050%	$13.0M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8121	+0.022%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8103	−0.077%	$563K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8114	−0.017%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8127	+0.055%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8096	−0.116%	$710K	$1.0M	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.8104	−0.072%	$106K	$44K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8104	−0.072%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8093	−0.132%	$15K	$121K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8096	−0.116%	$260K	$854K	20x	as long as short
BingX RAY-USDTlong	+0.0298%	4h	1.8117	long leg	—	$2.0M	—
Lighter RAY	+0.0432%	1h	1.8145	+0.155%	$287K	$255K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0607%	4h	1.8128	+0.061%	$251K	$247K	10x	as long as short