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 +0.034%

Price spread now: Gate against OKX+0.120%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1381.379% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 7 days−0.163%−$16 · spread now +0.120%, 7d avg −0.004%

Together, before fees−0.193%−$19 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: Gate is 0.124% dearer against OKX than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.8405	0.0100	pay 0.0100% / 8h	1h 20m	$4.6M	$13.3M	20x
Short	Gate RAY_USDT	1.8427	0.0100	get 0.0050% / 4h	1h 20m	$575K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.120%Rate

Funding earned: $0
Price spread: +0.120% → −0.004%: $12.38
Slippage, 4 orders: −$112.89
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$125.51
Costs to cover: 1.379%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; Gate: live order book, 1 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, 3 min ago	0.54 bp	24.1 bp −$24	146.9 bp −$1,469	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	6.78 bp	39.5 bp −$39	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	−0.2296%	1h	1.8382	−0.123%	$99K	$443K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8432	+0.144%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.742%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8416	+0.060%	$13.5M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.8442	+0.201%	$298K	$251K	5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8405	long leg	$4.6M	$13.3M	20x
Gate RAY_USDTshort	+0.0100%	4h	1.8427	+0.120%	$575K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8424	+0.103%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8429	+0.130%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8435	+0.163%	—	$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	1.8465	+0.324%	$734K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8432	+0.148%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8431	+0.141%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8438	+0.179%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8427	+0.120%	$261K	$868K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0488%	4h	1.8449	+0.239%	$256K	$248K	10x	as long as short