Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.004%

Price spread now: OKX against Injective+8.699%48s7-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 OKX

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 +$2 a day on $10k at the current rate, and OKX is 8.699% dearer against Injective than usual: you sell high and buy low: +$870 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

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	56m 34s	$266	$25	5.5x
Short	OKX RAY-USDT-SWAP	1.7857	0.0100	get 0.0100% / 8h	5h 56m	$4.5M	$12.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +8.699%Rate

Funding earned: $14
Price spread: +8.699% → 0.000%: $869.86
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $873.84
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	0.56 bp	29.6 bp −$30	97.8 bp −$978	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 15 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	1.7848	+8.644%	$1K	—	150x	as long as short
Injective RAY/USDC PERPlong	+0.0033%	1h	1.6428	long leg	$266	$25	5.5x
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.7857	+8.699%	$4.5M	$12.8M	20x
Gate RAY_USDT	+0.0100%	4h	1.7813	+8.431%	$556K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7864	+8.741%	$1.9M	$775K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7874	+8.802%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7880	+8.839%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7823	+8.491%	$697K	$985K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7864	+8.741%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7752	+8.059%	—	$2.4M	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7796	+8.327%	$13K	$97K	20x	as long as short
Lighter RAY	+0.0152%	1h	1.7855	+8.686%	$263K	$284K	5x	as long as short
MEXC RAY_USDT	+0.0270%	8h	1.7859	+8.711%	$12.6M	$2.4M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0583%	4h	1.7769	+8.163%	$216K	$285K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0785%	1h	1.7733	+7.942%	$89K	$451K	10x	as long as short