Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0187%/8h= −20.4% APRpaid last 24h −0.033%

Price spread now: Injective against BloFin−6.104%7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Injective is 6.104% cheaper against BloFin than usual: you would sell low and buy high (−$610 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.7496	0.0220	pay 0.0220% / 8h	2h 33m	$247K	$932K	20x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	33m 27s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −6.104%Rate

Funding earned: −$39.2
Price spread: −6.104% → 0.000%: −$610.43
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$661.65
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 58 min ago; Injective: no order-book sample. 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, 58 min ago	1.67 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1583%	1h	1.7467	−0.163%	$86K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7392	−0.597%	$430	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−6.104%	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7394	−0.583%	$4.2M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7419	−0.440%	$543K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7414	−0.469%	$1.9M	$832K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7407	−0.509%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7444	−0.298%	$671K	$870K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7404	−0.526%	$65K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7440	−0.320%	—	$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	1.7456	−0.229%	$13K	$91K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.7496	long leg	$247K	$932K	20x
Lighter RAY	+0.0512%	1h	1.7422	−0.423%	$245K	$309K	5x	as long as short
MEXC RAY_USDT	+0.0687%	8h	1.7409	−0.497%	$11.8M	$2.5M	100x	as long as short
BingX RAY-USDT	+0.0728%	4h	1.7401	−0.543%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.1871%	4h	1.7466	−0.171%	$313K	$391K	10x	as long as short