Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against SunX+0.185%50s7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$168as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1661.659% of the position

Long on SunX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.064%−$6 · spread now +0.185%, 7d avg +0.009%

Together, before fees−0.081%−$8 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: Bitget is 0.175% dearer against SunX than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.009%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8419	0.0100	pay 0.0050% / 4h	51m 26s	—	$2.6M	10x
Short	Bitget RAYUSDT	1.8453	0.0100	get 0.0050% / 4h	51m 26s	$2.7M	$3.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SunX. 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 SunXbpFee BitgetbpOrdersPrice spread, now +0.185%Rate

Funding earned: $0
Price spread: +0.185% → +0.009%: $17.52
Slippage, 4 orders: −$145.94
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$148.42
Costs to cover: 1.659%
Break-even: never at this rate

Slippage from SunX: live order book, 5 min ago; Bitget: 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 SunX live order book, 5 min ago	45.67 bp	64.2 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	2.99 bp	16.2 bp −$16	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	−0.2394%	1h	1.8328	−0.492%	$97K	$441K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8438	+0.101%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.809%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8435	+0.087%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8427	+0.043%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8442	+0.125%	$2.0M	$745K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.8453	+0.185%	$2.7M	$3.5M	25x
Variational Omni RAY	+0.0100%	4h	1.8394	−0.136%	$730K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8450	+0.166%	$108K	$47K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8419	long leg	—	$2.6M	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8415	−0.022%	$15K	$128K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8409	−0.054%	$259K	$868K	20x	as long as short
MEXC RAY_USDT	+0.0266%	8h	1.8447	+0.152%	$13.4M	$2.5M	100x	as long as short
BingX RAY-USDT	+0.0282%	4h	1.8449	+0.163%	—	$2.0M	—	as long as short
Lighter RAY	+0.0488%	1h	1.8452	+0.179%	$294K	$253K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0581%	4h	1.8471	+0.282%	$256K	$248K	10x	as long as short