Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.019%

Price spread now: KuCoin against BloFin+0.178%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$149as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1371.368% of the position

Long on BloFin Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now +0.178%, 7d avg +0.037%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.140% dearer against BloFin than usual: you sell high and buy low (spread +0.178% now, against its 7-day average of +0.037%): +$14 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.122% in total) that is about 8.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RAY-USDT	1.8015	0.0220	pay 0.0220% / 8h	4h 39m	$252K	$934K	20x
Short	KuCoin RAYUSDTM	1.8047	0.0100	get 0.0050% / 4h	39m 11s	$1.9M	$784K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.178%Rate

Funding earned: −$25.2
Price spread: +0.178% → +0.037%: $14.05
Slippage, 4 orders: −$112.81
Fee BloFin: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$147.96
Costs to cover: 1.368%
Break-even: never at this rate

Slippage from BloFin: live order book, 63 min ago; KuCoin: live order book, 2 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, 63 min ago	2.23 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	10.79 bp	31.0 bp −$31	368.7 bp −$3,687	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	−0.3799%	1h	1.7988	−0.150%	$90K	$443K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8014	−0.003%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.809%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0081%	8h	1.8008	−0.039%	$12.5M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8002	−0.072%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8050	+0.194%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.8047	+0.178%	$1.9M	$784K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8014	−0.006%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8030	+0.083%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8024	+0.051%	$704K	$887K	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8024	+0.050%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8032	+0.094%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8014	−0.006%	$13K	$90K	20x	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.8015	long leg	$252K	$934K	20x
Lighter RAY	+0.0328%	1h	1.8045	+0.167%	$262K	$308K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0997%	4h	1.8049	+0.189%	$324K	$400K	10x	as long as short