Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.2113%/8h= −231.4% APRpaid last 24h −0.208%

Price spread now: Injective against Orderly−8.530%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 Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$63 a day on $10k at the current rate, and Injective is 8.530% cheaper against Orderly than usual: you would sell low and buy high (−$853 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	1.7960	0.2146	pay 0.1073% / 4h	2h 59m	$317K	$378K	10x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	59m 00s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −8.530%Rate

Funding earned: −$443.76
Price spread: −8.530% → 0.000%: −$853.01
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,302.79
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Injective: 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 Injective no order-book sample	—	—	—	—	—

Orderly and Injective: 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7986	+0.144%	$1K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−8.530%	$266	$25	5.5x
MEXC RAY_USDT	+0.0050%	8h	1.7940	−0.111%	$11.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7932	−0.156%	$4.2M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7946	−0.078%	$575K	$933K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7922	−0.212%	$1.8M	$837K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7953	−0.039%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7941	−0.106%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7993	+0.185%	$639K	$792K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7929	−0.175%	$67K	$26K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7929	−0.173%	—	$2.1M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7947	−0.072%	$13K	$84K	20x	as long as short
BloFin RAY-USDT	+0.0116%	8h	1.7920	−0.223%	$243K	$871K	20x	as long as short
Lighter RAY	+0.0200%	1h	1.7962	+0.011%	$232K	$334K	5x	as long as short
Orderly PERP_RAY_USDClong	+0.2146%	4h	1.7960	long leg	$317K	$378K	10x
Kraken Futures PF_RAYUSD	+0.2234%	1h	1.7998	+0.212%	$110K	$398K	10x	as long as short