Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.031%

Price spread now: Bullet against SunX−0.050%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$147as in the Price arb table

costs, in and out, $10k−$1411.414% of the position

Long on SunX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 3 days (all we have)+0.255%+$26 · spread now −0.050%, 7d avg +0.005%

Together, before fees+0.233%+$23 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: Bullet is 0.055% cheaper against SunX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.7934	0.0100	pay 0.0050% / 4h	3h 55m	—	$2.6M	10x
Short	Bullet RAY-USD	1.7925	0.0100	get 0.0013% / 1h	55m 23s	$105K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0
Price spread: −0.050% → +0.005%: −$5.55
Slippage, 4 orders: −$125.4
Fee SunX: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$146.95
Costs to cover: 1.414%
Break-even: never at this rate

Slippage from SunX: live order book, 1 min ago; Bullet: live order book, 18 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	46.46 bp	64.6 bp −$65	doesn't fit	doesn't fit	doesn't fit
Sell Bullet live order book, 18 min ago	0.28 bp	5.7 bp −$6	10.4 bp −$104	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	−0.1823%	1h	1.7926	−0.044%	$95K	$434K	10x	as long as short
Gate RAY_USDT	−0.0376%	4h	1.7935	+0.006%	$558K	$1.1M	25x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7932	−0.012%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.397%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7934	0.000%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7920	−0.078%	$4.5M	$13.0M	20x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7943	+0.050%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7917	−0.095%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7980	+0.254%	$704K	$1.0M	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.7925	−0.050%	$105K	$44K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDTlong	+0.0100%	4h	1.7934	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.7984	+0.279%	$15K	$114K	20x	as long as short
Lighter RAY	+0.0120%	1h	1.7952	+0.100%	$274K	$277K	5x	as long as short
BingX RAY-USDT	+0.0140%	4h	1.7934	0.000%	—	$2.1M	—	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7986	+0.290%	$254K	$852K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0578%	4h	1.7939	+0.028%	$249K	$242K	10x	as long as short