Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2191%/8h= +239.9% APRpaid last 24h +0.094%

Price spread now: Orderly against Bullet+0.188%7-day average — · you sell dearer than you buy

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

Long on Bullet Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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 for this trade now. Funding pays +$66 a day on $10k at the current rate, and Orderly is 0.188% dearer against Bullet than usual: you sell high and buy low: +$19 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet RAY-USD	1.7561	0.0100	pay 0.0013% / 1h	4m 18s	$66K	$28K	10x
Short	Orderly PERP_RAY_USDC	1.7594	0.2291	get 0.1146% / 4h	1h 04m	$311K	$396K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.188%Rate

Funding earned: $460.14
Price spread: +0.188% → 0.000%: $18.79
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $464.93
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Bullet: no order-book sample; Orderly: 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 Bullet no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Bullet and Orderly: 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7554	−0.040%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.452%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7566	+0.028%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7568	+0.040%	$549K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7568	+0.040%	$1.9M	$822K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7565	+0.023%	$2.6M	$4.0M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7565	+0.023%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7595	+0.196%	$652K	$883K	—	as long as short
Bullet RAY-USDlong	+0.0100%	1h	1.7561	long leg	$66K	$28K	10x
SunX RAY-USDT	+0.0100%	4h	1.7569	+0.046%	—	$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	1.7586	+0.142%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7582	+0.120%	$241K	$879K	20x	as long as short
Lighter RAY	+0.0304%	1h	1.7584	+0.131%	$241K	$319K	5x	as long as short
MEXC RAY_USDT	+0.0831%	8h	1.7568	+0.040%	$11.8M	$2.6M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1347%	1h	1.7605	+0.250%	$86K	$376K	10x	as long as short
Orderly PERP_RAY_USDCshort	+0.2291%	4h	1.7594	+0.188%	$311K	$396K	10x