Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h −0.015%

Price spread now: Bitget against BloFin−0.056%75s7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as 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−$810.808% of the position

Long on BloFin Short on Bitget

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)−0.033%−$3 · spread now −0.056%, 7d avg +0.055%

Together, before fees−0.120%−$12 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: Bitget is 0.111% cheaper against BloFin than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.055%. The two prices were read 75 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	BloFin RAY-USDT	1.7737	0.0094	pay 0.0094% / 8h	6h 20m	$242K	$857K	20x
Short	Bitget RAYUSDT	1.7727	0.0100	get 0.0050% / 4h	2h 20m	$2.6M	$3.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BitgetbpOrdersPrice spread, now −0.056%Rate

Funding earned: $1.18
Price spread: −0.056% → +0.055%: −$11.12
Slippage, 4 orders: −$56.78
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$90.71
Costs to cover: 0.808%
Break-even: 542.9 days

Slippage from BloFin: live order book, 29 min ago; Bitget: live order book, 1 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	1.98 bp	23.0 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.67 bp	19.8 bp −$20	50.1 bp −$501	doesn't fit	doesn't fit

RAY on 16 exchanges

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	1.7738	+0.005%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.380%	$266	$25	5.5x	as long as short
BloFin RAY-USDTlong	+0.0094%	8h	1.7737	long leg	$242K	$857K	20x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7716	−0.118%	$4.2M	$12.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7730	−0.039%	$567K	$937K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7729	−0.045%	$1.9M	$846K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7727	−0.056%	$2.6M	$3.6M	25x
Variational Omni RAY	+0.0100%	4h	1.7716	−0.116%	$629K	$789K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7725	−0.070%	$67K	$26K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7716	−0.118%	—	$1.8M	10x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7741	+0.023%	$13K	$70K	20x	as long as short
Lighter RAY	+0.0200%	1h	1.7743	+0.034%	$227K	$342K	5x	as long as short
BingX RAY-USDT	+0.0439%	4h	1.7724	−0.073%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0493%	8h	1.7730	−0.039%	$11.4M	$2.6M	100x	as long as short
Orderly PERP_RAY_USDC	+0.1993%	4h	1.7746	+0.051%	$303K	$366K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.2265%	1h	1.7753	+0.092%	$103K	$427K	10x	as long as short