Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h −0.013%

Price spread now: gTrade (Gains Network) against OKX−0.267%7-day average — · you buy dearer than you sell

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

Long on OKX 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

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and gTrade (Gains Network) is 0.267% cheaper against OKX than usual: you would sell low and buy high (−$27 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	OKX RAY-USDT-SWAP	1.8421	0.0100	pay 0.0100% / 8h	1h 45m	$4.6M	$13.3M	20x
Short	gTrade (Gains Network) RAY/USD	1.8372	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	45m 59s	$1K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.267%Rate

Funding earned: −$32.67
Price spread: −0.267% → 0.000%: −$26.71
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$79.38
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 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 OKX live order book, 2 min ago	3.56 bp	24.9 bp −$25	162.8 bp −$1,628	doesn't fit	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	−0.2293%	1h	1.8406	−0.079%	$99K	$456K	10x	as long as short
MEXC RAY_USDT	−0.0268%	8h	1.8402	−0.103%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8372	−0.267%	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.819%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8418	−0.016%	$300K	$249K	5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8421	long leg	$4.6M	$13.3M	20x
Gate RAY_USDT	+0.0100%	4h	1.8420	−0.005%	$581K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8385	−0.195%	$2.0M	$767K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8395	−0.141%	$2.7M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8464	+0.233%	—	$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	1.8160	−1.414%	$713K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8375	−0.250%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8378	−0.233%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8380	−0.223%	$15K	$139K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8306	−0.624%	$257K	$863K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0446%	4h	1.8403	−0.098%	$255K	$250K	10x	as long as short