Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.130%

Price spread now: Lighter against KuCoin+0.603%7-day average +0.196% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$1581.577% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.569%+$57 on $10k

Price spread, last 4 days (all we have)−0.267%−$27 · spread now +0.603%, 7d avg +0.196%

Together, before fees+0.302%+ Points / potential airdropLighter: Season 3 · farm board+$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Lighter is 0.407% dearer against KuCoin than usual: you sell high and buy low: +$41 more if the spread goes back to its 7-day average of +0.196%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.7411	0.0100	pay 0.0050% / 4h	2h 47m	$1.9M	$814K	50x
Short	Lighter RAY	1.7516	0.0448	get 0.0056% / 1h	47m 49s	$248K	$306K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.603%Rate

Funding earned: $73.08
Price spread: +0.603% → +0.196%: $40.7
Slippage, 4 orders: −$145.7
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$43.93
Costs to cover: 1.577%
Break-even: 11.2 days

Slippage from KuCoin: live order book, 4 min ago; Lighter: live order book, 48 min ago.

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 KuCoin live order book, 4 min ago	8.80 bp	77.1 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 48 min ago	4.47 bp	31.1 bp −$31	125.0 bp −$1,250	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
Kraken Futures PF_RAYUSD	−0.1580%	1h	1.7502	+0.520%	$86K	$393K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7493	+0.470%	$433	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.646%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7396	−0.086%	$4.2M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7520	+0.626%	$548K	$1.2M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.7411	long leg	$1.9M	$814K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7493	+0.471%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7596	+1.065%	$680K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7507	+0.554%	$66K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7523	+0.643%	—	$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	1.7575	+0.942%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7557	+0.839%	$247K	$923K	20x	as long as short
BingX RAY-USDT	+0.0422%	4h	1.7522	+0.638%	—	$2.0M	—	as long as short
Lighter RAYshort	+0.0448%	1h	1.7516	+0.603%	$248K	$306K	5x
MEXC RAY_USDT	+0.0667%	8h	1.7401	−0.057%	$11.9M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.1761%	4h	1.7545	+0.770%	$314K	$391K	10x	as long as short