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 −0.081%

Price spread now: MEXC against Bitget−0.108%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$580.575% of the position

Long on Bitget Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.769%−$77 on $10k

Price spread, last 7 days+0.122%+$12 · spread now −0.108%, 7d avg −0.001%

Together, before fees−0.648%−$65 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 0.107% cheaper against Bitget than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8476	0.0100	pay 0.0050% / 4h	1h 19m	$2.7M	$3.5M	25x
Short	MEXC RAY_USDT	1.8456	0.0050	get 0.0050% / 8h	1h 19m	$13.5M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$10.5
Price spread: −0.108% → −0.001%: −$10.71
Slippage, 4 orders: −$41.51
Fee Bitget: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$78.72
Costs to cover: 0.575%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; MEXC: live order book, 4 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 Bitget live order book, 3 min ago	3.80 bp	22.3 bp −$22	80.6 bp −$806	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	2.99 bp	6.8 bp −$7	33.9 bp −$339	109.7 bp −$11.0K	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	−0.2294%	1h	1.8401	−0.405%	$99K	$438K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8414	−0.336%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.085%	$266	$25	5.5x	as long as short
MEXC RAY_USDTshort	+0.0050%	8h	1.8456	−0.108%	$13.5M	$2.5M	100x
Lighter RAY	+0.0096%	1h	1.8459	−0.092%	$298K	$251K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8471	−0.027%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8418	−0.314%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8436	−0.216%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8476	long leg	$2.7M	$3.5M	25x
BingX RAY-USDT	+0.0100%	4h	1.8443	−0.179%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8429	−0.253%	$732K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8405	−0.387%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8423	−0.287%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8416	−0.325%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8427	−0.265%	$261K	$868K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0490%	4h	1.8414	−0.336%	$255K	$248K	10x	as long as short