Funding arb · Price arb /

RAY

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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: HTX against BloFin+0.103%59s7-day average — · you sell dearer than you buy

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

Long on BloFin Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. HTX is 0.103% dearer against BloFin than usual: you sell high and buy low (spread +0.103% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 7 days (−0.058% in total) that is about 12 days. The two prices were read 59 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	1.7557	0.0220	pay 0.0220% / 8h	2h 47m	$247K	$923K	20x
Short	HTX RAY-USDT	1.7575	0.0100	get 0.0050% / 4h	2h 47m	$13K	$91K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HTXbpOrdersPrice spread, now +0.103%Rate

Funding earned: −$25.2
Price spread: +0.103% → 0.000%: $10.25
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$38.95
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 44 min ago; HTX: 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 BloFin live order book, 44 min ago	1.67 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

HTX: 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
Kraken Futures PF_RAYUSD	−0.1580%	1h	1.7502	−0.315%	$86K	$393K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7493	−0.365%	$433	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.430%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7394	−0.928%	$4.2M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7415	−0.809%	$543K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7411	−0.832%	$1.9M	$814K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7421	−0.775%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7596	+0.225%	$680K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7507	−0.283%	$66K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7523	−0.194%	—	$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-USDTshort	+0.0100%	4h	1.7575	+0.103%	$13K	$91K	20x
BloFin RAY-USDTlong	+0.0220%	8h	1.7557	long leg	$247K	$923K	20x
BingX RAY-USDT	+0.0422%	4h	1.7417	−0.797%	—	$2.0M	—	as long as short
Lighter RAY	+0.0448%	1h	1.7516	−0.234%	$248K	$306K	5x	as long as short
MEXC RAY_USDT	+0.0667%	8h	1.7401	−0.889%	$11.9M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.1761%	4h	1.7545	−0.068%	$314K	$391K	10x	as long as short