Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.124%

Price spread now: Bitget against Lighter−0.162%7-day average −0.183% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1071.066% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.521%−$52 on $10k

Price spread, last 4 days (all we have)−0.155%−$15 · spread now −0.162%, 7d avg −0.183%

Together, before fees−0.676%+ Points / potential airdropLighter: Season 3 · farm board−$68 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: Bitget is 0.021% dearer against Lighter than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.183%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.7879	0.0096	pay 0.0012% / 1h	49m 46s	$257K	$300K	5x
Short	Bitget RAYUSDT	1.7850	0.0100	get 0.0050% / 4h	3h 49m	$2.6M	$3.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now −0.162%Rate

Funding earned: $0.84
Price spread: −0.162% → −0.183%: $2.11
Slippage, 4 orders: −$94.58
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$103.64
Costs to cover: 1.066%
Break-even: 870.6 days

Slippage from Lighter: live order book, 51 min ago; Bitget: live order book, 3 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 Lighter live order book, 51 min ago	6.37 bp	49.2 bp −$49	133.1 bp −$1,331	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	3.61 bp	20.3 bp −$20	63.6 bp −$636	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	−0.2694%	1h	1.7819	−0.337%	$90K	$402K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7859	−0.111%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.116%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7853	−0.145%	$12.4M	$2.4M	100x	as long as short
Lighter RAYlong	+0.0096%	1h	1.7879	long leg	$257K	$300K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7838	−0.229%	$4.3M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7858	−0.117%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7855	−0.134%	$1.9M	$780K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7850	−0.162%	$2.6M	$3.8M	25x
BingX RAY-USDT	+0.0100%	4h	1.7859	−0.112%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.7907	+0.156%	$694K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7864	−0.084%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7871	−0.045%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7872	−0.039%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7891	+0.067%	$251K	$914K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1429%	4h	1.7901	+0.123%	$321K	$400K	10x	as long as short