Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h −0.002%

Price spread now: BloFin against SunX−0.119%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1761.758% of the position

Long on SunX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.292%+$29 · spread now −0.119%, 7d avg −0.039%

Together, before fees+0.359%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.080% cheaper against SunX than usual: you would sell low and buy high (spread −0.119% now, against its 7-day average of −0.039%). If the spread goes back, that is −$8 on $10k: about 2.2 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.066% in total) that is about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8457	0.0100	pay 0.0050% / 4h	1h 14m	—	$2.6M	10x
Short	BloFin RAY-USDT	1.8435	0.0220	get 0.0220% / 8h	1h 14m	$260K	$868K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.119%Rate

Funding earned: $25.2
Price spread: −0.119% → −0.039%: −$7.99
Slippage, 4 orders: −$155.83
Fee SunX: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$158.62
Costs to cover: 1.758%
Break-even: 51.1 days

Slippage from SunX: live order book, 1 min ago; BloFin: live order book, 2 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, 1 min ago	45.52 bp	63.6 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.27 bp	22.5 bp −$23	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	−0.2288%	1h	1.8451	−0.032%	$99K	$438K	10x	as long as short
MEXC RAY_USDT	−0.0279%	8h	1.8457	0.000%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8444	−0.069%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.993%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8480	+0.125%	$299K	$253K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8451	−0.033%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8437	−0.108%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8444	−0.070%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8452	−0.027%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8462	+0.027%	—	$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	1.8430	−0.148%	$732K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8450	−0.040%	$108K	$47K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8457	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8436	−0.114%	$15K	$133K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8435	−0.119%	$260K	$868K	20x
Orderly PERP_RAY_USDC	+0.0502%	4h	1.8448	−0.049%	$256K	$248K	10x	as long as short