RAY

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0063%/8h= −6.9% APRnext payment −$0.08 per $10,000 · paid last 24h −0.128%

Price spread now: Injective against Lighter−11.166%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Injective

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—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 11.166% cheaper against Lighter than usual: you would sell low and buy high (−$1,117 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8493	0.0096	pay 0.0012% / 1h	14m 42s	$299K	$253K	5x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	14m 42s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −11.166%Rate

Funding earned: −$13.16
Price spread: −11.166% → 0.000%: −$1,116.64
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,129.82
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 60 min ago; Injective: no order-book sample. 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, 60 min ago	6.30 bp	16.5 bp −$16	112.3 bp −$1,123	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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
Kraken Futures PF_RAYUSD	−0.2288%	1h	1.8451	−0.227%	$99K	$438K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8444	−0.263%	$2K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−11.166%	$266	$25	5.5x
MEXC RAY_USDT	+0.0050%	8h	1.8457	−0.195%	$13.5M	$2.5M	100x	as long as short
Lighter RAYlong	+0.0096%	1h	1.8493	long leg	$299K	$253K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8445	−0.260%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8437	−0.303%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8450	−0.233%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8457	−0.195%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8462	−0.168%	—	$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	1.8430	−0.342%	$732K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8450	−0.234%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8457	−0.195%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8436	−0.308%	$15K	$133K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8435	−0.314%	$260K	$868K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0502%	4h	1.8448	−0.243%	$256K	$248K	10x	as long as short