Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0187%/8h= +20.4% APRpaid last 24h +0.033%

Price spread now: BloFin against Injective+7.116%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 BloFin

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 +$6 a day on $10k at the current rate, and BloFin is 7.116% dearer against Injective than usual: you sell high and buy low: +$712 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	18m 27s	$266	$25	5.5x
Short	BloFin RAY-USDT	1.7597	0.0220	get 0.0220% / 8h	18m 27s	$242K	$875K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +7.116%Rate

Funding earned: $39.2
Price spread: +7.116% → 0.000%: $711.59
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $738.77
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 64 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 BloFin live order book, 64 min ago	1.71 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit

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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7594	+7.096%	$3K	—	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	1.7607	+7.177%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7605	+7.165%	$549K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7593	+7.092%	$1.8M	$831K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7613	+7.213%	$2.6M	$4.0M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7607	+7.177%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7524	+6.671%	$654K	$811K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7595	+7.101%	$66K	$28K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7602	+7.146%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7573	+6.970%	$13K	$90K	20x	as long as short
Lighter RAY	+0.0168%	1h	1.7622	+7.268%	$229K	$334K	5x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.7597	+7.116%	$242K	$875K	20x
MEXC RAY_USDT	+0.0829%	8h	1.7607	+7.177%	$11.7M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1613%	1h	1.7634	+7.342%	$93K	$385K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2163%	4h	1.7639	+7.372%	$312K	$396K	10x	as long as short