Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0219%/8h= +24.0% APRpaid last 24h +0.028%

Price spread now: BloFin against gTrade (Gains Network)−0.206%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)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 0.206% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.206% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 3.1 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) RAY/USD	1.8462	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	44m 37s	$1K	—	150x
Short	BloFin RAY-USDT	1.8424	0.0220	get 0.0220% / 8h	1h 44m	$257K	$868K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BloFinbpOrdersPrice spread, now −0.206%Rate

Funding earned: $46.08
Price spread: −0.206% → 0.000%: −$20.58
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $3.5
Costs to cover: 0.220%
Break-even: 6.5 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BloFin: live order book, 37 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell BloFin live order book, 37 min ago	1.10 bp	15.1 bp −$15	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): 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	−0.2283%	1h	1.8492	+0.160%	$99K	$456K	10x	as long as short
gTrade (Gains Network) RAY/USDlong	L +0.0001% / S +0.0056%	1h	1.8462	long leg	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.017%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8478	+0.087%	$13.6M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.8507	+0.244%	$301K	$249K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8478	+0.087%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8478	+0.087%	$584K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8479	+0.092%	$2.0M	$769K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8490	+0.152%	$2.7M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8485	+0.125%	—	$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	1.8317	−0.786%	$728K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8451	−0.060%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8461	−0.005%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8380	−0.444%	$15K	$139K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8424	−0.206%	$257K	$868K	20x
Orderly PERP_RAY_USDC	+0.0447%	4h	1.8463	+0.005%	$256K	$250K	10x	as long as short