Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: Gate against Bullet+0.002%7-day average — · you sell dearer than you buy

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

Long on Bullet Short on Gate

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.8036	0.0100	pay 0.0013% / 1h	41m 07s	$68K	$66K	10x
Short	Gate RAY_USDT	1.8036	0.0100	get 0.0050% / 4h	41m 07s	$580K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Bullet. 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 BulletbpFee GatebpOrdersPrice spread, now +0.002%Rate

Funding earned: $0
Price spread: +0.002% → 0.000%: $0.22
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$22.78
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Gate: live order book, 1 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 Gate live order book, 1 min ago	6.93 bp	46.7 bp −$47	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	1.8000	−0.199%	$90K	$443K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8020	−0.085%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.913%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8029	−0.037%	$12.5M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8048	+0.069%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.8036	+0.002%	$580K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8026	−0.053%	$1.9M	$784K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8053	+0.096%	$2.6M	$3.8M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8082	+0.258%	$706K	$895K	—	as long as short
Bullet RAY-USDlong	+0.0100%	1h	1.8036	long leg	$68K	$66K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8040	+0.024%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8022	−0.075%	$13K	$90K	20x	as long as short
BingX RAY-USDT	+0.0102%	4h	1.8041	+0.030%	—	$2.0M	—	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7927	−0.602%	$251K	$929K	20x	as long as short
Lighter RAY	+0.0416%	1h	1.8066	+0.169%	$263K	$308K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0983%	4h	1.8081	+0.252%	$324K	$400K	10x	as long as short