Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0216%/8h= +23.7% APRpaid last 24h +0.098%

Price spread now: BingX against MEXC+0.106%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs+$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on MEXC Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.964%+$96 on $10k

Price spread, last 7 days−0.152%−$15 · spread now +0.106%, 7d avg −0.014%

Together, before fees+0.812%+$81 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and BingX is 0.119% dearer against MEXC than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.7985	−0.0116	get 0.0116% / 8h	4h 18m	$12.6M	$2.5M	100x
Short	BingX RAY-USDT	1.8004	0.0100	get 0.0050% / 4h	18m 42s	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against MEXC. 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 MEXCbpFee BingXbpOrdersPrice spread, now +0.106%Rate

Funding earned: $45.36
Price spread: +0.106% → −0.014%: $11.93
Slippage, 4 orders: −$30.74
Fee MEXC: 2 bp × 2 orders: −$4
Fee BingX: 5 bp × 2 orders: −$10
Net: $12.55
Costs to cover: 0.447%
Break-even: 5.1 days

Slippage from MEXC: live order book, 5 min ago; BingX: live order book, 14 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 MEXC live order book, 5 min ago	2.49 bp	6.6 bp −$7	45.0 bp −$450	128.2 bp −$12.8K	doesn't fit
Sell BingX live order book, 14 min ago	2.21 bp	15.0 bp −$15	52.8 bp −$528	257.4 bp −$25.7K	684.3 bp −$342.1K

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	−0.3795%	1h	1.8011	+0.143%	$90K	$427K	10x	as long as short
MEXC RAY_USDTlong	−0.0116%	8h	1.7985	long leg	$12.6M	$2.5M	100x
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8003	+0.103%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.657%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7974	−0.061%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8006	+0.117%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8018	+0.183%	$1.9M	$786K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7976	−0.050%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8004	+0.106%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7988	+0.018%	$697K	$868K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8015	+0.167%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8015	+0.167%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8015	+0.167%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8008	+0.128%	$252K	$905K	20x	as long as short
Lighter RAY	+0.0392%	1h	1.8019	+0.189%	$261K	$310K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1179%	4h	1.8056	+0.395%	$324K	$400K	10x	as long as short