Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h −0.110%

Price spread now: SunX against Lighter−0.130%7-day average −0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$211as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1621.623% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.488%−$49 on $10k

Price spread, last 3 days (all we have)−0.335%−$34 · spread now −0.130%, 7d avg −0.174%

Together, before fees−0.823%+ Points / potential airdropLighter: Season 3 · farm board−$82 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.044% dearer against Lighter than usual: you sell high and buy low (spread −0.130% now, against its 7-day average of −0.174%): +$4 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8426	0.0488	pay 0.0061% / 1h	5m 12s	$275K	$285K	5x
Short	SunX RAY-USDT	1.8402	0.0100	get 0.0050% / 4h	3h 05m	—	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$81.48
Price spread: −0.130% → −0.174%: $4.4
Slippage, 4 orders: −$154.27
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$239.35
Costs to cover: 1.623%
Break-even: never at this rate

Slippage from Lighter: live order book, 50 min ago; SunX: live order book, 2 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, 50 min ago	2.79 bp	19.5 bp −$20	118.6 bp −$1,186	doesn't fit	doesn't fit
Sell SunX live order book, 2 min ago	44.86 bp	64.0 bp −$64	doesn't fit	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	−0.1771%	1h	1.8454	+0.151%	$93K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8390	−0.198%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.843%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8391	−0.190%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8391	−0.190%	$564K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8403	−0.125%	$2.0M	$770K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8397	−0.157%	$2.7M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8375	−0.279%	$720K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8392	−0.185%	$69K	$66K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.8402	−0.130%	—	$2.5M	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8399	−0.147%	$13K	$108K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8396	−0.163%	$258K	$878K	20x	as long as short
BingX RAY-USDT	+0.0412%	4h	1.8396	−0.163%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0451%	8h	1.8397	−0.157%	$13.0M	$2.5M	100x	as long as short
Lighter RAYlong	+0.0488%	1h	1.8426	long leg	$275K	$285K	5x
Orderly PERP_RAY_USDC	+0.0576%	4h	1.8409	−0.092%	$261K	$247K	10x	as long as short