Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0360%/8hpaid last 24h −0.039%

Price spread now: BloFin against BingX+0.039%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$590.594% of the position

Long on BingX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 3 days (all we have)+0.004%$0 · spread now +0.039%, 7d avg −0.036%

Together, before fees−0.105%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.075% dearer against BingX than usual: you sell high and buy low (spread +0.039% now, against its 7-day average of −0.036%): +$8 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 17 hours. At the pace of the last 7 days (−0.108% in total) that is about 4.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.8152	0.0580	pay 0.0290% / 4h	6m 42s	—	$1.9M	—
Short	BloFin RAY-USDT	1.8159	0.0220	get 0.0220% / 8h	4h 06m	$259K	$764K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against BingX. 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 BingXbpFee BloFinbpOrdersPrice spread, now +0.039%Rate

Funding earned: −$75.6
Price spread: +0.039% → −0.036%: $7.5
Slippage, 4 orders: −$37.42
Fee BingX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$127.51
Costs to cover: 0.594%
Break-even: never at this rate

Slippage from BingX: live order book, 1 min ago; BloFin: live order book, 24 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 BingX live order book, 1 min ago	1.93 bp	12.8 bp −$13	30.7 bp −$307	306.5 bp −$30.6K	707.7 bp −$353.8K
Sell BloFin live order book, 24 min ago	2.97 bp	15.5 bp −$15	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	−0.1374%	1h	1.8138	−0.075%	$90K	$390K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8160	+0.044%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.498%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8127	−0.138%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8130	−0.121%	$608K	$1.0M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8143	−0.050%	$2.0M	$738K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8157	+0.028%	$2.7M	$3.1M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8173	+0.115%	$693K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8166	+0.077%	$107K	$46K	10x	as long as short
Orderly PERP_RAY_USDC	+0.0100%	4h	1.8175	+0.127%	$245K	$225K	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	1.8143	−0.050%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8105	−0.259%	$14K	$170K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8159	+0.039%	$259K	$764K	20x
BingX RAY-USDTlong	+0.0580%	4h	1.8152	long leg	—	$1.9M	—
MEXC RAY_USDT	+0.0750%	8h	1.8156	+0.022%	$13.9M	$2.4M	100x	as long as short
Lighter RAY	+0.1296%	1h	1.8192	+0.220%	$335K	$217K	5x	as long as short