Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1489%/8h= −163.1% APRpaid last 24h −0.100%

Price spread now: Bullet against Orderly−0.223%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Bullet

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 −$45 a day on $10k at the current rate, and Bullet is 0.223% cheaper against Orderly than usual: you would sell low and buy high (−$22 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	Orderly PERP_RAY_USDC	1.7864	0.1589	pay 0.0795% / 4h	3h 22m	$320K	$400K	10x
Short	Bullet RAY-USD	1.7824	0.0100	get 0.0013% / 1h	22m 26s	$67K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Orderly. 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 OrderlybpFee BulletbpOrdersPrice spread, now −0.223%Rate

Funding earned: −$312.71
Price spread: −0.223% → 0.000%: −$22.33
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$349.04
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bullet: 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 Orderly no order-book sample	—	—	—	—	—
Sell Bullet no order-book sample	—	—	—	—	—

Orderly and Bullet: 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	−0.2695%	1h	1.7808	−0.311%	$89K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7829	−0.194%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.039%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7814	−0.280%	$12.3M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.7833	−0.174%	$254K	$303K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7820	−0.246%	$4.3M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7811	−0.297%	$577K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7806	−0.325%	$1.9M	$782K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7823	−0.230%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7832	−0.179%	—	$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	1.7824	−0.223%	$690K	$866K	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.7824	−0.223%	$67K	$66K	10x
SunX RAY-USDT	+0.0100%	4h	1.7874	+0.056%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7857	−0.039%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7867	+0.017%	$247K	$936K	20x	as long as short
Orderly PERP_RAY_USDClong	+0.1589%	4h	1.7864	long leg	$320K	$400K	10x