Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.018%

Price spread now: KuCoin against OKX−0.091%7-day average +0.014% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$154as in the Price arb table

costs, in and out, $10k−$1441.436% of the position

Long on OKX Short on KuCoin

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+0.136%+$14 · spread now −0.091%, 7d avg +0.014%

Together, before fees+0.166%+$17 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: KuCoin is 0.106% cheaper against OKX than usual: you would sell low and buy high, −$11 on $10k if it 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	OKX RAY-USDT-SWAP	1.7521	0.0100	pay 0.0100% / 8h	58m 19s	$4.2M	$12.8M	20x
Short	KuCoin RAYUSDTM	1.7505	0.0100	get 0.0050% / 4h	58m 19s	$1.8M	$826K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.091%Rate

Funding earned: $0
Price spread: −0.091% → +0.014%: −$10.56
Slippage, 4 orders: −$121.6
Fee OKX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$154.16
Costs to cover: 1.436%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; KuCoin: live order book, 8 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, 5 min ago	1.42 bp	31.6 bp −$32	221.6 bp −$2,216	doesn't fit	doesn't fit
Sell KuCoin live order book, 8 min ago	8.52 bp	43.8 bp −$44	308.9 bp −$3,089	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7513	−0.043%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.238%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.7521	long leg	$4.2M	$12.8M	20x
Gate RAY_USDT	+0.0100%	4h	1.7510	−0.063%	$547K	$1.2M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.7505	−0.091%	$1.8M	$826K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7527	+0.034%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7502	−0.106%	$655K	$887K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7526	+0.029%	$66K	$28K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7506	−0.086%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7490	−0.177%	$12K	$91K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin RAY-USDT	+0.0220%	8h	1.7511	−0.057%	$240K	$875K	20x	as long as short
Lighter RAY	+0.0376%	1h	1.7531	+0.057%	$238K	$319K	5x	as long as short
BingX RAY-USDT	+0.0792%	4h	1.7516	−0.029%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0883%	8h	1.7513	−0.046%	$11.7M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1621%	1h	1.7555	+0.195%	$86K	$376K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2268%	4h	1.7554	+0.188%	$310K	$396K	10x	as long as short