Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.041%

Price spread now: KuCoin against BingX−0.069%7-day average −0.002% · 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−$148as in the Price arb table

costs, in and out, $10k−$1411.415% of the position

Long on BingX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.274%−$27 on $10k

Price spread, last 7 days+0.066%+$7 · spread now −0.069%, 7d avg −0.002%

Together, before fees−0.207%−$21 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: KuCoin is 0.067% cheaper against BingX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RAY-USDT	1.7385	0.0100	pay 0.0050% / 4h	2h 28m	—	$2.0M	—
Short	KuCoin RAYUSDTM	1.7373	0.0100	get 0.0050% / 4h	2h 28m	$1.9M	$830K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.069%Rate

Funding earned: $0
Price spread: −0.069% → −0.002%: −$6.69
Slippage, 4 orders: −$119.5
Fee BingX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$148.19
Costs to cover: 1.415%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; KuCoin: live order book, 3 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, 5 min ago	3.15 bp	15.1 bp −$15	45.3 bp −$453	380.1 bp −$38.0K	719.9 bp −$360.0K
Sell KuCoin live order book, 3 min ago	5.46 bp	39.2 bp −$39	330.4 bp −$3,304	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	−0.1588%	1h	1.7412	+0.155%	$85K	$398K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7359	−0.149%	$429	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.505%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7381	−0.023%	$4.2M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7368	−0.098%	$542K	$1.2M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.7373	−0.069%	$1.9M	$830K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7380	−0.029%	$2.6M	$4.1M	25x	as long as short
BingX RAY-USDTlong	+0.0100%	4h	1.7385	long leg	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.7386	+0.005%	$670K	$870K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7360	−0.144%	$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-USDT	+0.0100%	4h	1.7381	−0.023%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7369	−0.092%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7384	−0.006%	$241K	$926K	20x	as long as short
Lighter RAY	+0.0432%	1h	1.7403	+0.104%	$245K	$309K	5x	as long as short
MEXC RAY_USDT	+0.0765%	8h	1.7383	−0.012%	$11.7M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.1902%	4h	1.7410	+0.144%	$312K	$391K	10x	as long as short