Funding arb · Price arb /

RAY

all RAY markets

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: SunX against BloFin+0.286%55s7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$173as 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−$1661.660% of the position

Long on BloFin Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.356%−$36 · spread now +0.286%, 7d avg +0.043%

Together, before fees−0.426%−$43 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: SunX is 0.243% dearer against BloFin than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of +0.043%. The two prices were read 55 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	1.7809	0.0108	pay 0.0108% / 8h	7h 22m	$244K	$875K	20x
Short	SunX RAY-USDT	1.7860	0.0100	get 0.0050% / 4h	3h 22m	—	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.286%Rate

Funding earned: −$1.66
Price spread: +0.286% → +0.043%: $24.31
Slippage, 4 orders: −$145.96
Fee BloFin: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$143.31
Costs to cover: 1.660%
Break-even: never at this rate

Slippage from BloFin: live order book, 55 min ago; SunX: live order book, 5 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, 55 min ago	2.56 bp	18.7 bp −$19	65.1 bp −$651	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	45.08 bp	64.1 bp −$64	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	1.7850	+0.230%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.755%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7881	+0.404%	$11.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7856	+0.264%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7896	+0.489%	$577K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7877	+0.382%	$1.8M	$826K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7882	+0.410%	$2.6M	$3.9M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7636	−0.971%	$658K	$804K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7870	+0.343%	$67K	$26K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.7860	+0.286%	—	$2.2M	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7812	+0.017%	$13K	$89K	20x	as long as short
BloFin RAY-USDTlong	+0.0108%	8h	1.7809	long leg	$244K	$875K	20x
Lighter RAY	+0.0312%	1h	1.7877	+0.382%	$232K	$337K	5x	as long as short
BingX RAY-USDT	+0.0544%	4h	1.7877	+0.382%	—	$2.0M	—	as long as short
Kraken Futures PF_RAYUSD	+0.1941%	1h	1.7902	+0.524%	$95K	$380K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2120%	4h	1.7894	+0.477%	$316K	$386K	10x	as long as short