Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.031%

Price spread now: Bullet against Bitget−0.089%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$490.487% of the position

Long on Bitget Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 3 days (all we have)+0.632%+$63 · spread now −0.089%, 7d avg +0.028%

Together, before fees+0.610%+$61 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: Bullet is 0.117% cheaper against Bitget than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.7987	0.0100	pay 0.0050% / 4h	3h 58m	$2.6M	$3.7M	25x
Short	Bullet RAY-USD	1.7971	0.0100	get 0.0013% / 1h	58m 24s	$106K	$44K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.089%Rate

Funding earned: $0
Price spread: −0.089% → +0.028%: −$11.67
Slippage, 4 orders: −$28.66
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$60.34
Costs to cover: 0.487%
Break-even: never at this rate

Slippage from Bitget: live order book, 9 min ago; Bullet: live order book, 15 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, 9 min ago	4.99 bp	17.4 bp −$17	54.8 bp −$548	doesn't fit	doesn't fit
Sell Bullet live order book, 15 min ago	0.28 bp	5.7 bp −$6	10.4 bp −$104	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	−0.1815%	1h	1.8006	+0.106%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7990	+0.017%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.667%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7979	−0.044%	$12.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7973	−0.078%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7983	−0.022%	$560K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7990	+0.017%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.7987	long leg	$2.6M	$3.7M	25x
Variational Omni RAY	+0.0100%	4h	1.7989	+0.012%	$704K	$1.0M	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.7971	−0.089%	$106K	$44K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8005	+0.100%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7974	−0.072%	$15K	$115K	20x	as long as short
BingX RAY-USDT	+0.0150%	4h	1.7992	+0.028%	—	$2.1M	—	as long as short
Lighter RAY	+0.0176%	1h	1.7994	+0.039%	$274K	$276K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7985	−0.011%	$254K	$852K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0584%	4h	1.8002	+0.083%	$250K	$242K	10x	as long as short