Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0715%/8h= +78.3% APRpaid last 24h −0.064%

Price spread now: MEXC against SunX+0.058%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$220as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1451.450% of the position

Long on SunX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.754%−$75 on $10k

Price spread, last 4 days (all we have)+0.075%+$8 · spread now +0.058%, 7d avg +0.008%

Together, before fees−0.679%−$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and MEXC is 0.049% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.008%. Mind the row above: over the last 7 days funding on this pair cost −0.754%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.7391	0.0100	pay 0.0050% / 4h	2h 28m	—	$2.4M	10x
Short	MEXC RAY_USDT	1.7401	0.0815	get 0.0815% / 8h	2h 28m	$11.8M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.058%Rate

Funding earned: $150.15
Price spread: +0.058% → +0.008%: $4.93
Slippage, 4 orders: −$132.98
Fee SunX: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: $10.11
Costs to cover: 1.450%
Break-even: 6.5 days

Slippage from SunX: live order book, 8 min ago; MEXC: live order book, 4 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, 8 min ago	44.99 bp	63.4 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	3.73 bp	9.3 bp −$9	46.5 bp −$465	110.0 bp −$11.0K	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	−0.1588%	1h	1.7412	+0.123%	$85K	$398K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7392	+0.005%	$430	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.537%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7398	+0.040%	$4.2M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7393	+0.012%	$542K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7392	+0.006%	$1.9M	$828K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7386	−0.029%	$2.6M	$4.1M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7398	+0.040%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7386	−0.030%	$670K	$870K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7412	+0.121%	$65K	$66K	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-USDTlong	+0.0100%	4h	1.7391	long leg	—	$2.4M	10x
HTX RAY-USDT	+0.0100%	4h	1.7389	−0.012%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7384	−0.040%	$241K	$926K	20x	as long as short
Lighter RAY	+0.0432%	1h	1.7416	+0.144%	$245K	$309K	5x	as long as short
MEXC RAY_USDTshort	+0.0815%	8h	1.7401	+0.058%	$11.8M	$2.5M	100x
Orderly PERP_RAY_USDC	+0.1897%	4h	1.7446	+0.316%	$313K	$391K	10x	as long as short