Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0099%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: Bitget against gTrade (Gains Network)−0.131%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Bitget

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

Funding pays, the price is against you. Bitget is 0.131% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.131% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 4.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) RAY/USD	1.7594	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	49m 56s	$1K	—	150x
Short	Bitget RAYUSDT	1.7571	0.0100	get 0.0050% / 4h	49m 56s	$2.6M	$3.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BitgetbpOrdersPrice spread, now −0.131%Rate

Funding earned: $20.88
Price spread: −0.131% → 0.000%: −$13.07
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$14.19
Costs to cover: 0.220%
Break-even: 11.8 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bitget: live order book, 1 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bitget live order book, 1 min ago	2.84 bp	17.9 bp −$18	53.8 bp −$538	doesn't fit	doesn't fit

gTrade (Gains Network): 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 exchanges

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	−0.0688%	1h	1.7637	+0.247%	$96K	$421K	10x	as long as short
gTrade (Gains Network) RAY/USDlong	L +0.0001% / S +0.0056%	1h	1.7594	long leg	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.627%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7556	−0.216%	$11.1M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.7584	−0.057%	$217K	$335K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7554	−0.227%	$4.1M	$11.6M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7560	−0.193%	$561K	$858K	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7560	−0.193%	$1.8M	$791K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7571	−0.131%	$2.6M	$3.5M	25x
BingX RAY-USDT	+0.0100%	4h	1.7551	−0.244%	—	$1.9M	—	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.7550	−0.251%	$617K	$743K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7605	+0.061%	$66K	$26K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7560	−0.193%	—	$1.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7606	+0.068%	$13K	$70K	20x	as long as short
BloFin RAY-USDT	+0.0112%	8h	1.7562	−0.182%	$242K	$824K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1600%	4h	1.7608	+0.080%	$292K	$364K	10x	as long as short