Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h +0.002%

Price spread now: HTX against BloFin+1.337%59s7-day average +0.017% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 3 days (all we have)−1.176%−$118 · spread now +1.337%, 7d avg +0.017%

Together, before fees−1.242%−$124 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 1.320% dearer against BloFin than usual: you sell high and buy low (spread +1.337% now, against its 7-day average of +0.017%): +$132 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 37 days. At the pace of the last 7 days (−0.066% in total) that is about 5 months. The two prices were read 59 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	1.8475	0.0220	pay 0.0220% / 8h	3h 32m	$257K	$825K	20x
Short	HTX RAY-USDT	1.8722	0.0100	get 0.0050% / 4h	3h 32m	$15K	$163K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +1.337%Rate

Funding earned: −$25.2
Price spread: +1.337% → +0.017%: $132.01
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: $82.81
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: BloFin: live order book, 15 min ago; HTX: live order book, 14 min ago. Net counts fees only.

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, 15 min ago	3.52 bp	21.0 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 14 min ago	44.55 bp	doesn't fit	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
Kraken Futures PF_RAYUSD	−0.1367%	1h	1.8579	+0.564%	$111K	$414K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8486	+0.058%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.080%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8475	0.000%	$14.1M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8491	+0.087%	$4.7M	$13.5M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8474	−0.005%	$608K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8486	+0.060%	$2.1M	$760K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8480	+0.027%	$2.7M	$3.3M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8563	+0.478%	$710K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8475	0.000%	$109K	$46K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8506	+0.168%	—	$2.6M	10x	as long as short
HTX RAY-USDTshort	+0.0100%	4h	1.8722	+1.337%	$15K	$163K	20x
Orderly PERP_RAY_USDC	+0.0171%	4h	1.8515	+0.217%	$257K	$236K	10x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8475	long leg	$257K	$825K	20x
BingX RAY-USDT	+0.0666%	4h	1.8480	+0.027%	—	$1.9M	—	as long as short
Lighter RAY	+0.1080%	1h	1.8536	+0.330%	$344K	$226K	5x	as long as short