Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0114%/8h= +12.5% APRpaid last 24h +0.017%

Price spread now: gTrade (Gains Network) against MEXC−0.104%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. gTrade (Gains Network) is 0.104% cheaper against MEXC than usual: you would sell low and buy high (spread −0.104% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8044	−0.0170	get 0.0170% / 8h	4h 14m	$12.7M	$2.5M	100x
Short	gTrade (Gains Network) RAY/USD	1.8025	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	14m 05s	$1K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.104%Rate

Funding earned: $24.03
Price spread: −0.104% → 0.000%: −$10.36
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$0.34
Costs to cover: 0.140%
Break-even: 7.1 days

Slippage unknown: MEXC: live order book, 4 min ago; gTrade (Gains Network): 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 MEXC live order book, 4 min ago	3.60 bp	7.5 bp −$7	36.9 bp −$369	120.3 bp −$12.0K	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.3795%	1h	1.8010	−0.187%	$90K	$426K	10x	as long as short
MEXC RAY_USDTlong	−0.0170%	8h	1.8044	long leg	$12.7M	$2.5M	100x
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8025	−0.104%	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.956%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8037	−0.039%	$4.5M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8028	−0.089%	$579K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8035	−0.050%	$1.9M	$786K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8041	−0.017%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8028	−0.089%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7989	−0.306%	$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	1.8034	−0.055%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8062	+0.100%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8055	+0.061%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8005	−0.216%	$253K	$904K	20x	as long as short
Lighter RAY	+0.0480%	1h	1.8079	+0.194%	$261K	$310K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1226%	4h	1.8075	+0.172%	$324K	$400K	10x	as long as short