Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0547%/8hpaid last 24h +0.057%

Price spread now: BingX against Injective+10.519%7-day average — · you sell dearer than you buy

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

Long on Injective Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and BingX is 10.519% dearer against Injective than usual: you sell high and buy low: +$1,052 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective RAY/USDC PERP	1.6428	0.0033	pay 0.0004% / 1h	6m 48s	$266	$25	5.5x
Short	BingX RAY-USDT	1.8156	0.0580	get 0.0290% / 4h	6m 48s	—	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Injective. 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 InjectivebpFee BingXbpOrdersPrice spread, now +10.519%Rate

Funding earned: $114.8
Price spread: +10.519% → 0.000%: $1,051.86
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BingX: 5 bp × 2 orders: −$10
Net: $1,156.64
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BingX: 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 Injective no order-book sample	—	—	—	—	—
Sell BingX live order book, 1 min ago	1.93 bp	10.6 bp −$11	28.2 bp −$282	239.6 bp −$24.0K	633.2 bp −$316.6K

Injective: 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	−0.1374%	1h	1.8138	+10.412%	$90K	$390K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8160	+10.542%	$1K	—	150x	as long as short
Injective RAY/USDC PERPlong	+0.0033%	1h	1.6428	long leg	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8143	+10.439%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8131	+10.366%	$608K	$1.0M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8143	+10.439%	$2.0M	$738K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8161	+10.549%	$2.7M	$3.1M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8173	+10.622%	$693K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8166	+10.579%	$107K	$46K	10x	as long as short
Orderly PERP_RAY_USDC	+0.0100%	4h	1.8175	+10.634%	$245K	$225K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8143	+10.439%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8105	+10.208%	$14K	$170K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8159	+10.537%	$259K	$764K	20x	as long as short
BingX RAY-USDTshort	+0.0580%	4h	1.8156	+10.519%	—	$1.9M	—
MEXC RAY_USDT	+0.0684%	8h	1.8160	+10.543%	$13.9M	$2.4M	100x	as long as short
Lighter RAY	+0.1296%	1h	1.8200	+10.786%	$335K	$217K	5x	as long as short