Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0274%/8h= +30.0% APRpaid last 24h +0.084%

Price spread now: Lighter against BingX+0.016%7-day average +0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$660.659% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.286%+$29 on $10k

Price spread, last 4 days (all we have)+0.392%+$39 · spread now +0.016%, 7d avg +0.185%

Together, before fees+0.679%+ Points / potential airdropLighter: Season 3 · farm board+$68 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.169% cheaper against BingX than usual: you would sell low and buy high (spread +0.016% now, against its 7-day average of +0.185%). If the spread goes back, that is −$17 on $10k: about 2.1 days of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.286% in total) that is about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.8281	0.0134	pay 0.0067% / 4h	1h 11m	—	$2.0M	—
Short	Lighter RAY	1.8284	0.0408	get 0.0051% / 1h	11m 26s	$269K	$298K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.016%Rate

Funding earned: $57.54
Price spread: +0.016% → +0.185%: −$16.86
Slippage, 4 orders: −$55.88
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25.2
Costs to cover: 0.659%
Break-even: 10.1 days

Slippage from BingX: live order book, 2 min ago; Lighter: live order book, 34 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, 2 min ago	3.29 bp	18.9 bp −$19	55.7 bp −$557	310.2 bp −$31.0K	540.7 bp −$270.3K
Sell Lighter live order book, 34 min ago	5.57 bp	17.6 bp −$18	118.7 bp −$1,187	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8290	+0.049%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.136%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8304	+0.126%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8260	−0.115%	$586K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8265	−0.088%	$2.0M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8271	−0.055%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8248	−0.178%	$713K	$961K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8308	+0.147%	$69K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8276	−0.027%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8254	−0.148%	$13K	$90K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX RAY-USDTlong	+0.0134%	4h	1.8281	long leg	—	$2.0M	—
MEXC RAY_USDT	+0.0163%	8h	1.8284	+0.016%	$12.7M	$2.4M	100x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8261	−0.109%	$213K	$884K	20x	as long as short
Lighter RAYshort	+0.0408%	1h	1.8284	+0.016%	$269K	$298K	5x
Kraken Futures PF_RAYUSD	+0.0765%	1h	1.8201	−0.440%	$91K	$456K	10x	as long as short
Orderly PERP_RAY_USDC	+0.0778%	4h	1.8349	+0.372%	$329K	$402K	10x	as long as short