Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0800%/8h= −87.6% APRpaid last 24h −0.081%

Price spread now: gTrade (Gains Network) against BingX−0.066%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and gTrade (Gains Network) is 0.066% cheaper against BingX than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.7546	0.0744	pay 0.0372% / 4h	22m 11s	—	$2.0M	—
Short	gTrade (Gains Network) RAY/USD	1.7534	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	22m 11s	$3K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.066%Rate

Funding earned: −$167.91
Price spread: −0.066% → 0.000%: −$6.61
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$194.52
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 1 min ago; gTrade (Gains Network): no order-book sample. Net counts fees only.

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	2.28 bp	15.1 bp −$15	36.4 bp −$364	395.7 bp −$39.6K	677.3 bp −$338.7K
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.7534	−0.066%	$3K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.372%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7552	+0.034%	$11.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7540	−0.034%	$4.2M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7552	+0.034%	$548K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7545	−0.006%	$1.8M	$834K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7554	+0.046%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7523	−0.130%	$654K	$867K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7544	−0.013%	$66K	$28K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7543	−0.017%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7546	0.000%	$13K	$90K	20x	as long as short
Lighter RAY	+0.0168%	1h	1.7565	+0.108%	$229K	$334K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7535	−0.063%	$242K	$873K	20x	as long as short
BingX RAY-USDTlong	+0.0744%	4h	1.7546	long leg	—	$2.0M	—
Kraken Futures PF_RAYUSD	+0.1616%	1h	1.7604	+0.329%	$93K	$385K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2172%	4h	1.7572	+0.148%	$310K	$396K	10x	as long as short