Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.115%

Price spread now: HTX against Lighter−0.172%7-day average −0.200% · you buy dearer than you sell

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

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.493%−$49 on $10k

Price spread, last 3 days (all we have)−0.098%−$10 · spread now −0.172%, 7d avg −0.200%

Together, before fees−0.591%+ Points / potential airdropLighter: Season 3 · farm board−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.028% dearer against Lighter than usual: you sell high and buy low (spread −0.172% now, against its 7-day average of −0.200%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.7989	0.0272	pay 0.0034% / 1h	17m 18s	$266K	$287K	5x
Short	HTX RAY-USDT	1.7958	0.0100	get 0.0050% / 4h	2h 17m	$13K	$101K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$36.12
Price spread: −0.172% → −0.200%: $2.8
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$45.32
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 33 min ago; HTX: live order book, 49 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 Lighter live order book, 33 min ago	7.21 bp	21.0 bp −$21	105.0 bp −$1,050	doesn't fit	doesn't fit
Sell HTX live order book, 49 min ago	49.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	1.7955	−0.188%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.8000	+0.064%	$89K	$447K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.678%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7950	−0.217%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7969	−0.111%	$559K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7972	−0.095%	$1.9M	$776K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7956	−0.183%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8000	+0.062%	$705K	$985K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7954	−0.197%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7961	−0.156%	—	$2.5M	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-USDTshort	+0.0100%	4h	1.7958	−0.172%	$13K	$101K	20x
MEXC RAY_USDT	+0.0197%	8h	1.7956	−0.183%	$12.7M	$2.5M	100x	as long as short
Lighter RAYlong	+0.0272%	1h	1.7989	long leg	$266K	$287K	5x
BingX RAY-USDT	+0.0450%	4h	1.7951	−0.211%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.0612%	4h	1.7976	−0.072%	$253K	$248K	10x	as long as short