Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.066%

Price spread now: BingX against OKX−0.226%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$930.935% of the position

Long on OKX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.301%+$30 on $10k

Price spread, last 7 days+0.186%+$19 · spread now −0.226%, 7d avg +0.009%

Together, before fees+0.488%+$49 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.235% cheaper against OKX than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.8121	0.0100	pay 0.0100% / 8h	2h 04m	$4.6M	$13.1M	20x
Short	BingX RAY-USDT	1.8080	0.0100	get 0.0050% / 4h	2h 04m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against OKX. 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 OKXbpFee BingXbpOrdersPrice spread, now −0.226%Rate

Funding earned: $0
Price spread: −0.226% → +0.009%: −$23.53
Slippage, 4 orders: −$73.47
Fee OKX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$117
Costs to cover: 0.935%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; BingX: live order book, 13 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 OKX live order book, 4 min ago	1.38 bp	34.9 bp −$35	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	2.47 bp	15.0 bp −$15	32.4 bp −$324	274.4 bp −$27.4K	634.3 bp −$317.1K

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
MEXC RAY_USDT	−0.0324%	8h	1.8087	−0.188%	$13.3M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	−0.0048%	1h	1.8063	−0.323%	$97K	$453K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8083	−0.210%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.343%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8121	long leg	$4.6M	$13.1M	20x
Gate RAY_USDT	+0.0100%	4h	1.8087	−0.188%	$572K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8091	−0.166%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8089	−0.177%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8080	−0.226%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.8080	−0.225%	$710K	$1.1M	—	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	1.8080	−0.228%	$106K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8081	−0.221%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8091	−0.166%	$15K	$143K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8083	−0.210%	$258K	$853K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0420%	4h	1.8106	−0.083%	$251K	$250K	10x	as long as short
Lighter RAY	+0.0488%	1h	1.8124	+0.017%	$296K	$267K	5x	as long as short