Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: SunX against Bitget−0.147%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$168as in the Funding arb table

Net, price: spread back to 7d avg − costs−$183as in the Price arb table

costs, in and out, $10k−$1701.696% of the position

Long on Bitget Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.147%, 7d avg −0.011%

Together, before fees+0.087%+$9 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 0.135% cheaper against Bitget than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.7729	0.0100	pay 0.0050% / 4h	2h 18m	$2.6M	$3.6M	25x
Short	SunX RAY-USDT	1.7703	0.0100	get 0.0050% / 4h	2h 18m	—	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.147%Rate

Funding earned: $0
Price spread: −0.147% → −0.011%: −$13.53
Slippage, 4 orders: −$149.56
Fee Bitget: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$183.09
Costs to cover: 1.696%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; SunX: live order book, 11 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, 2 min ago	3.67 bp	20.4 bp −$20	46.8 bp −$468	doesn't fit	doesn't fit
Sell SunX live order book, 11 min ago	46.14 bp	65.0 bp −$65	doesn't fit	doesn't fit	doesn't fit

RAY on 16 exchanges

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	1.7720	−0.051%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.338%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7724	−0.028%	$11.4M	$2.6M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7722	−0.039%	$4.2M	$12.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7724	−0.028%	$567K	$937K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7722	−0.039%	$1.9M	$846K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.7729	long leg	$2.6M	$3.6M	25x
Variational Omni RAY	+0.0100%	4h	1.7716	−0.071%	$629K	$789K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7734	+0.028%	$67K	$26K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.7703	−0.147%	—	$1.8M	10x

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7732	+0.017%	$13K	$70K	20x	as long as short
BloFin RAY-USDT	+0.0125%	8h	1.7726	−0.017%	$242K	$848K	20x	as long as short
Lighter RAY	+0.0200%	1h	1.7747	+0.102%	$227K	$342K	5x	as long as short
BingX RAY-USDT	+0.0438%	4h	1.7724	−0.028%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.1988%	4h	1.7754	+0.141%	$304K	$366K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.2265%	1h	1.7753	+0.138%	$103K	$417K	10x	as long as short