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 −0.113%

Price spread now: MEXC against BingX−0.027%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$380.376% of the position

Long on BingX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.993%−$99 on $10k

Price spread, last 7 days+0.092%+$9 · spread now −0.027%, 7d avg +0.015%

Together, before fees−0.901%−$90 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 0.042% cheaper against BingX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.8412	0.0100	pay 0.0050% / 4h	1h 13m	—	$2.0M	—
Short	MEXC RAY_USDT	1.8407	0.0050	get 0.0050% / 8h	1h 13m	$13.5M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$10.5
Price spread: −0.027% → +0.015%: −$4.25
Slippage, 4 orders: −$23.6
Fee BingX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$52.35
Costs to cover: 0.376%
Break-even: never at this rate

Slippage from BingX: 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 BingX live order book, 9 min ago	2.44 bp	15.2 bp −$15	52.4 bp −$524	340.8 bp −$34.1K	693.6 bp −$346.8K
Sell MEXC live order book, 5 min ago	1.90 bp	4.3 bp −$4	11.7 bp −$117	103.2 bp −$10.3K	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	−0.2296%	1h	1.8388	−0.133%	$99K	$438K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8440	+0.152%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.776%	$266	$25	5.5x	as long as short
MEXC RAY_USDTshort	+0.0050%	8h	1.8407	−0.027%	$13.5M	$2.5M	100x
Lighter RAY	+0.0096%	1h	1.8424	+0.065%	$297K	$254K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8389	−0.125%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8417	+0.027%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8416	+0.022%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8397	−0.081%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDTlong	+0.0100%	4h	1.8412	long leg	—	$2.0M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8430	+0.096%	$732K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8446	+0.186%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8463	+0.277%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8488	+0.413%	$15K	$133K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8435	+0.125%	$260K	$868K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0505%	4h	1.8464	+0.282%	$256K	$248K	10x	as long as short