Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0426%/8h= +46.6% APRpaid last 24h −0.081%

Price spread now: MEXC against Gate+0.017%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$234as in the Funding arb table

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

costs, in and out, $10k−$1671.674% of the position

Long on Gate Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.662%−$66 on $10k

Price spread, last 7 days+0.031%+$3 · spread now +0.017%, 7d avg +0.029%

Together, before fees−0.631%−$63 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: +$13 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.662%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.7935	−0.0376	get 0.0188% / 4h	3h 55m	$558K	$1.1M	25x
Short	MEXC RAY_USDT	1.7938	0.0050	get 0.0050% / 8h	7h 55m	$12.7M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Gate. 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 GatebpFee MEXCbpOrdersPrice spread, now +0.017%Rate

Funding earned: $89.46
Price spread: +0.017% → +0.029%: −$1.2
Slippage, 4 orders: −$148.39
Fee Gate: 7.5 bp × 2 orders: −$15
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$79.13
Costs to cover: 1.674%
Break-even: 13.2 days

Slippage from Gate: live order book, 2 min ago; MEXC: live order book, 3 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 Gate live order book, 2 min ago	6.95 bp	69.1 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	3.61 bp	7.7 bp −$8	43.8 bp −$438	110.2 bp −$11.0K	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
Kraken Futures PF_RAYUSD	−0.1823%	1h	1.7926	−0.049%	$95K	$434K	10x	as long as short
Gate RAY_USDTlong	−0.0376%	4h	1.7935	long leg	$558K	$1.1M	25x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7932	−0.017%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.403%	$266	$25	5.5x	as long as short
MEXC RAY_USDTshort	+0.0050%	8h	1.7938	+0.017%	$12.7M	$2.5M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7924	−0.061%	$4.5M	$13.1M	20x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7941	+0.033%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7937	+0.011%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7936	+0.006%	—	$2.1M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7980	+0.249%	$704K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7925	−0.056%	$105K	$44K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7934	−0.006%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7916	−0.106%	$14K	$114K	20x	as long as short
Lighter RAY	+0.0120%	1h	1.7945	+0.056%	$274K	$277K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7918	−0.095%	$254K	$849K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0578%	4h	1.7939	+0.022%	$249K	$242K	10x	as long as short