Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: Bullet against Bitget−0.006%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8041	0.0100	pay 0.0050% / 4h	1h 33m	$2.6M	$3.7M	25x
Short	Bullet RAY-USD	1.8040	0.0100	get 0.0013% / 1h	33m 21s	$68K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Bitget. 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 BitgetbpFee BulletbpOrdersPrice spread, now −0.006%Rate

Funding earned: $0
Price spread: −0.006% → 0.000%: −$0.55
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$20.55
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 4 min ago; Bullet: no order-book sample. Net counts fees only.

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 Bitget live order book, 4 min ago	4.45 bp	18.6 bp −$19	78.3 bp −$783	doesn't fit	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.8025	−0.088%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.941%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8041	0.000%	$12.6M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8029	−0.067%	$4.5M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8029	−0.067%	$568K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8032	−0.050%	$1.9M	$776K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8041	long leg	$2.6M	$3.7M	25x
Variational Omni RAY	+0.0100%	4h	1.8051	+0.055%	$705K	$978K	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.8040	−0.006%	$68K	$66K	10x
SunX RAY-USDT	+0.0100%	4h	1.8012	−0.161%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8007	−0.188%	$13K	$92K	20x	as long as short
BingX RAY-USDT	+0.0186%	4h	1.8035	−0.033%	—	$2.0M	—	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8049	+0.044%	$256K	$871K	20x	as long as short
Lighter RAY	+0.0240%	1h	1.8058	+0.094%	$266K	$286K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0605%	4h	1.8074	+0.183%	$320K	$397K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0775%	1h	1.7968	−0.402%	$89K	$452K	10x	as long as short