Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h +0.117%

Price spread now: Lighter against BloFin+0.040%7-day average +0.216% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1041.040% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.453%+$45 on $10k

Price spread, last 4 days (all we have)+0.292%+$29 · spread now +0.040%, 7d avg +0.216%

Together, before fees+0.745%+ Points / potential airdropLighter: Season 3 · farm board+$74 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Lighter is 0.176% cheaper against BloFin than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.216%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.453%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.7526	0.0220	pay 0.0220% / 8h	1h 46m	$242K	$933K	20x
Short	Lighter RAY	1.7533	0.0096	get 0.0012% / 1h	46m 36s	$244K	$313K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$26.04
Price spread: +0.040% → +0.216%: −$17.62
Slippage, 4 orders: −$91.95
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$147.62
Costs to cover: 1.040%
Break-even: never at this rate

Slippage from BloFin: live order book, 40 min ago; Lighter: live order book, 44 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, 40 min ago	3.74 bp	23.8 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 44 min ago	4.89 bp	40.7 bp −$41	134.9 bp −$1,349	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7512	−0.080%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.265%	$266	$25	5.5x	as long as short
Lighter RAYshort	+0.0096%	1h	1.7533	+0.040%	$244K	$313K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7507	−0.108%	$4.2M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7524	−0.011%	$546K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7514	−0.068%	$1.9M	$820K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7515	−0.063%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7526	−0.002%	$675K	$864K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7517	−0.053%	$66K	$28K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7515	−0.063%	—	$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	1.7531	+0.029%	$12K	$91K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.7526	long leg	$242K	$933K	20x
BingX RAY-USDT	+0.0848%	4h	1.7506	−0.114%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0927%	8h	1.7518	−0.046%	$11.7M	$2.6M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1351%	1h	1.7554	+0.162%	$86K	$380K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2246%	4h	1.7555	+0.165%	$306K	$395K	10x	as long as short