Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.110%

Price spread now: Lighter against Bitget+0.097%7-day average +0.184% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$760.762% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.505%+$50 on $10k

Price spread, last 4 days (all we have)+0.314%+$31 · spread now +0.097%, 7d avg +0.184%

Together, before fees+0.819%+ Points / potential airdropLighter: Season 3 · farm board+$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.087% cheaper against Bitget than usual: you would sell low and buy high (spread +0.097% now, against its 7-day average of +0.184%). If the spread goes back, that is −$9 on $10k: about 16 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8535	0.0100	pay 0.0050% / 4h	3h 09m	$2.7M	$3.7M	25x
Short	Lighter RAY	1.8553	0.0520	get 0.0065% / 1h	9m 58s	$277K	$284K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.097%Rate

Funding earned: $88.2
Price spread: +0.097% → +0.184%: −$8.66
Slippage, 4 orders: −$64.18
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $3.37
Costs to cover: 0.762%
Break-even: 6.7 days

Slippage from Bitget: live order book, 3 min ago; Lighter: live order book, 46 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	3.24 bp	21.2 bp −$21	60.6 bp −$606	doesn't fit	doesn't fit
Sell Lighter live order book, 46 min ago	2.79 bp	15.4 bp −$15	97.4 bp −$974	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	−0.1760%	1h	1.8575	+0.215%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8532	−0.017%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.368%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8532	−0.016%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8513	−0.119%	$4.7M	$13.5M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8519	−0.086%	$568K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8538	+0.016%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8535	long leg	$2.7M	$3.7M	25x
BingX RAY-USDT	+0.0100%	4h	1.8533	−0.011%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8504	−0.165%	$725K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8552	+0.090%	$70K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8552	+0.092%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8532	−0.016%	$14K	$109K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8514	−0.113%	$255K	$884K	20x	as long as short
Lighter RAYshort	+0.0520%	1h	1.8553	+0.097%	$277K	$284K	5x
Orderly PERP_RAY_USDC	+0.0580%	4h	1.8563	+0.151%	$263K	$247K	10x	as long as short