Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.027%

Price spread now: BloFin against Bullet−0.022%7-day average — · you buy dearer than you sell

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

Long on Bullet Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 0.022% cheaper against Bullet than usual: you would sell low and buy high (spread −0.022% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 15 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.8009	0.0100	pay 0.0013% / 1h	14m 53s	$68K	$66K	10x
Short	BloFin RAY-USDT	1.8005	0.0220	get 0.0220% / 8h	4h 14m	$253K	$904K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bullet. 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 BulletbpFee BloFinbpOrdersPrice spread, now −0.022%Rate

Funding earned: $25.2
Price spread: −0.022% → 0.000%: −$2.22
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $2.98
Costs to cover: 0.200%
Break-even: 6.2 days

Slippage unknown: Bullet: no order-book sample; BloFin: live order book, 22 min ago. 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 Bullet no order-book sample	—	—	—	—	—
Sell BloFin live order book, 22 min ago	3.05 bp	22.1 bp −$22	doesn't fit	doesn't fit	doesn't fit

Bullet: 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	−0.3797%	1h	1.8001	−0.045%	$90K	$426K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8004	−0.026%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.779%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8025	+0.089%	$12.6M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8012	+0.017%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8015	+0.033%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8019	+0.056%	$1.9M	$786K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8022	+0.072%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8029	+0.111%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7989	−0.112%	$697K	$868K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USDlong	+0.0100%	1h	1.8009	long leg	$68K	$66K	10x
SunX RAY-USDT	+0.0100%	4h	1.8022	+0.072%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8009	0.000%	$13K	$90K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8005	−0.022%	$253K	$904K	20x
Lighter RAY	+0.0440%	1h	1.8034	+0.139%	$261K	$310K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1216%	4h	1.8052	+0.239%	$324K	$400K	10x	as long as short