Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.013%

Price spread now: Bitget against BloFin+0.034%45s7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$790.786% of the position

Long on BloFin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.034%, 7d avg +0.052%

Together, before fees−0.160%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.052%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.7873	0.0220	pay 0.0220% / 8h	3h 28m	$246K	$936K	20x
Short	Bitget RAYUSDT	1.7879	0.0100	get 0.0050% / 4h	3h 28m	$2.6M	$3.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against BloFin. 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 BloFinbpFee BitgetbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$25.2
Price spread: +0.034% → +0.052%: −$1.82
Slippage, 4 orders: −$54.58
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$105.59
Costs to cover: 0.786%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Bitget: 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 BloFin live order book, 3 min ago	1.67 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	4.47 bp	17.2 bp −$17	70.3 bp −$703	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
Kraken Futures PF_RAYUSD	−0.2688%	1h	1.7857	−0.088%	$90K	$397K	10x	as long as short
MEXC RAY_USDT	−0.0323%	8h	1.7867	−0.034%	$12.4M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7891	+0.101%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.085%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7898	+0.140%	$256K	$302K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7881	+0.045%	$4.3M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7916	+0.241%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7897	+0.134%	$1.9M	$782K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7879	+0.034%	$2.6M	$3.8M	25x
BingX RAY-USDT	+0.0100%	4h	1.7895	+0.123%	—	$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	1.7959	+0.483%	$695K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7859	−0.078%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7919	+0.257%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7910	+0.207%	$13K	$91K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.7873	long leg	$246K	$936K	20x
Orderly PERP_RAY_USDC	+0.1569%	4h	1.7920	+0.263%	$321K	$400K	10x	as long as short