Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h +0.015%

Price spread now: BloFin against Bitget−0.326%105s7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$760.758% of the position

Long on Bitget Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)+0.512%+$51 · spread now −0.326%, 7d avg −0.052%

Together, before fees+0.598%+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and BloFin is 0.274% cheaper against Bitget than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.052%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.087%, so the current rate has only just turned against you. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.7770	0.0100	pay 0.0050% / 4h	3h 49m	$2.6M	$3.9M	25x
Short	BloFin RAY-USDT	1.7712	0.0088	get 0.0088% / 8h	7h 49m	$242K	$879K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bitget. 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 BitgetbpFee BloFinbpOrdersPrice spread, now −0.326%Rate

Funding earned: −$2.52
Price spread: −0.326% → −0.052%: −$27.44
Slippage, 4 orders: −$51.82
Fee Bitget: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$105.78
Costs to cover: 0.758%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; BloFin: live order book, 27 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 Bitget live order book, 3 min ago	3.67 bp	20.4 bp −$20	57.0 bp −$570	doesn't fit	doesn't fit
Sell BloFin live order book, 27 min ago	2.56 bp	19.6 bp −$20	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7715	−0.312%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.552%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7769	−0.006%	$11.8M	$2.5M	100x	as long as short
BloFin RAY-USDTshort	+0.0088%	8h	1.7712	−0.326%	$242K	$879K	20x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7753	−0.096%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7758	−0.068%	$554K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7755	−0.084%	$1.8M	$827K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.7770	long leg	$2.6M	$3.9M	25x
Variational Omni RAY	+0.0100%	4h	1.7717	−0.298%	$660K	$806K	—	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7700	−0.394%	—	$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	1.7708	−0.349%	$13K	$89K	20x	as long as short
Bullet RAY-USD	+0.0187%	1h	1.7707	−0.355%	$66K	$28K	10x	as long as short
Lighter RAY	+0.0576%	1h	1.7738	−0.180%	$232K	$335K	5x	as long as short
BingX RAY-USDT	+0.0780%	4h	1.7763	−0.039%	—	$2.0M	—	as long as short
Kraken Futures PF_RAYUSD	+0.1957%	1h	1.7762	−0.046%	$94K	$381K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2129%	4h	1.7737	−0.186%	$313K	$386K	10x	as long as short