Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.024%

Price spread now: OKX against Gate−0.117%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$196as in the Price arb table

costs, in and out, $10k−$1841.845% of the position

Long on Gate Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 7 days+0.173%+$17 · spread now −0.117%, 7d avg +0.003%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: OKX is 0.119% cheaper against Gate than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.8000	0.0100	pay 0.0050% / 4h	2h 48m	$557K	$1.1M	25x
Short	OKX RAY-USDT-SWAP	1.7979	0.0100	get 0.0100% / 8h	6h 48m	$4.5M	$13.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.117%Rate

Funding earned: $0
Price spread: −0.117% → +0.003%: −$11.94
Slippage, 4 orders: −$159.48
Fee Gate: 7.5 bp × 2 orders: −$15
Fee OKX: 5 bp × 2 orders: −$10
Net: −$196.43
Costs to cover: 1.845%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; OKX: live order book, just now.

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, 4 min ago	5.85 bp	60.8 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, just now	0.56 bp	21.3 bp −$21	114.2 bp −$1,142	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	1.7980	−0.111%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.8036	+0.200%	$89K	$445K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.733%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8019	+0.106%	$268K	$282K	5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.7979	−0.117%	$4.5M	$13.1M	20x
Gate RAY_USDTlong	+0.0100%	4h	1.8000	long leg	$557K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8004	+0.022%	$1.9M	$769K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7998	−0.011%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8005	+0.028%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7949	−0.285%	$702K	$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	1.7981	−0.106%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7976	−0.133%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7969	−0.172%	$13K	$107K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7974	−0.144%	$261K	$870K	20x	as long as short
MEXC RAY_USDT	+0.0254%	8h	1.8002	+0.011%	$12.8M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0582%	4h	1.8007	+0.039%	$254K	$248K	10x	as long as short