Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.042%

Price spread now: BloFin against Bullet+0.030%48s7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$490.485% of the position

Long on Bullet Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now +0.030%, 7d avg −0.045%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.075% dearer against Bullet than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.045%. The two prices were read 48 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	Bullet RAY-USD	1.8174	0.0100	pay 0.0013% / 1h	30m 03s	$107K	$44K	10x
Short	BloFin RAY-USDT	1.8180	0.0220	get 0.0220% / 8h	7h 30m	$254K	$868K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bullet. 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 BulletbpFee BloFinbpOrdersPrice spread, now +0.030%Rate

Funding earned: $25.2
Price spread: +0.030% → −0.045%: $7.5
Slippage, 4 orders: −$28.51
Fee Bullet: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$15.81
Costs to cover: 0.485%
Break-even: 11.4 days

Slippage from Bullet: live order book, 44 min ago; BloFin: live order book, 42 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 Bullet live order book, 44 min ago	0.28 bp	5.9 bp −$6	12.1 bp −$121	doesn't fit	doesn't fit
Sell BloFin live order book, 42 min ago	0.55 bp	19.1 bp −$19	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	−0.1797%	1h	1.8189	+0.081%	$96K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8175	+0.005%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.610%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8181	+0.036%	$12.9M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8181	+0.036%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8173	−0.008%	$566K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8178	+0.019%	$2.0M	$763K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8184	+0.052%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8183	+0.045%	$712K	$1.0M	—	as long as short
Bullet RAY-USDlong	+0.0100%	1h	1.8174	long leg	$107K	$44K	10x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8175	+0.003%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8164	−0.058%	$15K	$109K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8180	+0.030%	$254K	$868K	20x
Lighter RAY	+0.0240%	1h	1.8210	+0.195%	$275K	$280K	5x	as long as short
BingX RAY-USDT	+0.0360%	4h	1.8185	+0.058%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.0548%	4h	1.8200	+0.140%	$256K	$242K	10x	as long as short