Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.015%

Price spread now: Gate against BloFin+0.169%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$252as in the Funding arb table

Net, price: spread back to 7d avg − costs−$220as in the Price arb table

costs, in and out, $10k−$2342.338% of the position

Long on BloFin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 4 days (all we have)−0.279%−$28 · spread now +0.169%, 7d avg +0.026%

Together, before fees−0.462%−$46 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: Gate is 0.143% dearer against BloFin than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.7777	0.0108	pay 0.0108% / 8h	7h 48m	$241K	$883K	20x
Short	Gate RAY_USDT	1.7807	0.0100	get 0.0050% / 4h	3h 48m	$555K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.169%Rate

Funding earned: −$1.75
Price spread: +0.169% → +0.026%: $14.29
Slippage, 4 orders: −$206.84
Fee BloFin: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$221.29
Costs to cover: 2.338%
Break-even: never at this rate

Slippage from BloFin: live order book, 28 min ago; Gate: live order book, 3 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, 28 min ago	2.56 bp	18.7 bp −$19	65.1 bp −$651	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	5.93 bp	100.2 bp −$100	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	1.7769	−0.046%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.588%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7799	+0.124%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.7807	+0.169%	$555K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7796	+0.107%	$1.8M	$827K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7800	+0.129%	$2.6M	$3.9M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7717	−0.337%	$660K	$806K	—	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7759	−0.101%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7704	−0.411%	$13K	$89K	20x	as long as short
BloFin RAY-USDTlong	+0.0108%	8h	1.7777	long leg	$241K	$883K	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0145%	1h	1.7793	+0.090%	$67K	$28K	10x	as long as short
Lighter RAY	+0.0536%	1h	1.7825	+0.270%	$233K	$335K	5x	as long as short
BingX RAY-USDT	+0.0780%	4h	1.7798	+0.118%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0854%	8h	1.7811	+0.191%	$11.8M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1950%	1h	1.7821	+0.245%	$94K	$381K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2128%	4h	1.7821	+0.248%	$315K	$386K	10x	as long as short