Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.031%

Price spread now: Bullet against HTX−0.145%7-day average +0.027% · you buy dearer than you sell

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

Long on HTX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$2 on $10k

Price spread, last 3 days (all we have)+0.115%+$11 · spread now −0.145%, 7d avg +0.027%

Together, before fees+0.090%+$9 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: Bullet is 0.171% cheaper against HTX than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX RAY-USDT	1.8091	0.0100	pay 0.0050% / 4h	2h 08m	$15K	$145K	20x
Short	Bullet RAY-USD	1.8065	0.0100	get 0.0013% / 1h	8m 16s	$106K	$47K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against HTX. 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 HTXbpFee BulletbpOrdersPrice spread, now −0.145%Rate

Funding earned: $0
Price spread: −0.145% → +0.027%: −$17.11
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$37.11
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 13 min ago; Bullet: live order book, 16 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 HTX live order book, 13 min ago	41.56 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bullet live order book, 16 min ago	1.64 bp	7.3 bp −$7	11.8 bp −$118	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
MEXC RAY_USDT	−0.0273%	8h	1.8068	−0.127%	$13.3M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	−0.0048%	1h	1.7973	−0.650%	$92K	$448K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8060	−0.171%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.192%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8055	−0.199%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8060	−0.171%	$573K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8115	+0.133%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8064	−0.149%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8057	−0.188%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8189	+0.543%	$715K	$1.1M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USDshort	+0.0100%	1h	1.8065	−0.145%	$106K	$47K	10x
SunX RAY-USDT	+0.0100%	4h	1.8092	+0.006%	—	$2.6M	10x	as long as short
HTX RAY-USDTlong	+0.0100%	4h	1.8091	long leg	$15K	$145K	20x
BloFin RAY-USDT	+0.0220%	8h	1.8075	−0.088%	$256K	$850K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0416%	4h	1.8078	−0.072%	$250K	$250K	10x	as long as short
Lighter RAY	+0.0536%	1h	1.8090	−0.006%	$297K	$266K	5x	as long as short