Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0086%/8h= −9.4% APRpaid last 24h +0.021%

Price spread now: BingX against BloFin0.000%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$710.711% of the position

Long on BloFin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now 0.000%, 7d avg +0.047%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.047% cheaper against BloFin than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.047%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.151%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.8261	0.0220	pay 0.0220% / 8h	5h 12m	$213K	$884K	20x
Short	BingX RAY-USDT	1.8261	0.0134	get 0.0067% / 4h	1h 12m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against BloFin. 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 BloFinbpFee BingXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$18.06
Price spread: 0.000% → +0.047%: −$4.65
Slippage, 4 orders: −$49.09
Fee BloFin: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$93.8
Costs to cover: 0.711%
Break-even: never at this rate

Slippage from BloFin: live order book, 29 min ago; BingX: live order book, 10 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 BloFin live order book, 29 min ago	2.23 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	3.02 bp	13.7 bp −$14	43.2 bp −$432	236.6 bp −$23.7K	702.5 bp −$351.3K

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	1.8262	+0.005%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.038%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8257	−0.022%	$12.7M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8245	−0.088%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8254	−0.038%	$586K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8271	+0.055%	$2.0M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8255	−0.033%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8248	−0.069%	$713K	$961K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8272	+0.058%	$69K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8293	+0.175%	—	$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	1.8252	−0.049%	$13K	$90K	20x	as long as short
BingX RAY-USDTshort	+0.0134%	4h	1.8261	0.000%	—	$2.0M	—
BloFin RAY-USDTlong	+0.0220%	8h	1.8261	long leg	$213K	$884K	20x
Lighter RAY	+0.0400%	1h	1.8292	+0.170%	$269K	$298K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0760%	4h	1.8312	+0.279%	$328K	$402K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0765%	1h	1.8209	−0.286%	$91K	$456K	10x	as long as short