Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.034%

Price spread now: SunX against BingX−0.067%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$165as in the Price arb table

costs, in and out, $10k−$1591.591% of the position

Long on BingX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now −0.067%, 7d avg −0.004%

Together, before fees−0.218%−$22 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: SunX is 0.063% cheaper against BingX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.7918	0.0100	pay 0.0050% / 4h	2h 43m	—	$2.0M	—
Short	SunX RAY-USDT	1.7906	0.0100	get 0.0050% / 4h	2h 43m	—	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.067%Rate

Funding earned: $0
Price spread: −0.067% → −0.004%: −$6.28
Slippage, 4 orders: −$141.1
Fee BingX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$165.38
Costs to cover: 1.591%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; SunX: live order book, 3 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, 4 min ago	2.78 bp	16.2 bp −$16	46.6 bp −$466	334.6 bp −$33.5K	685.2 bp −$342.6K
Sell SunX live order book, 3 min ago	44.90 bp	64.1 bp −$64	doesn't fit	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	1.7913	−0.030%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7981	+0.351%	$89K	$445K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.316%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7927	+0.050%	$267K	$283K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7899	−0.106%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7916	−0.011%	$556K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7918	0.000%	$1.9M	$773K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7920	+0.011%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDTlong	+0.0100%	4h	1.7918	long leg	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7912	−0.035%	$702K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7899	−0.105%	$67K	$66K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.7906	−0.067%	—	$2.5M	10x
HTX RAY-USDT	+0.0100%	4h	1.7886	−0.179%	$13K	$106K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7974	+0.313%	$261K	$870K	20x	as long as short
MEXC RAY_USDT	+0.0282%	8h	1.7909	−0.050%	$12.7M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0583%	4h	1.7949	+0.173%	$253K	$248K	10x	as long as short