Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0524%/8h= +57.3% APRpaid last 24h +0.030%

Price spread now: Orderly against gTrade (Gains Network)+0.090%7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)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 +$16 a day on $10k at the current rate, and Orderly is 0.090% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$9 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	gTrade (Gains Network) RAY/USD	1.8276	L +0.0001% / S +0.0056%	pay 0.0000% / 1h	8m 15s	$2K	—	150x
Short	Orderly PERP_RAY_USDC	1.8292	0.0524	get 0.0262% / 4h	1h 08m	$253K	$248K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.090%Rate

Funding earned: $109.94
Price spread: +0.090% → 0.000%: $9.03
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $102.97
Costs to cover: 0.160%
Break-even: 0.4 days

Slippage unknown: gTrade (Gains Network): 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) 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
Kraken Futures PF_RAYUSD	−0.2314%	1h	1.8240	−0.193%	$96K	$442K	10x	as long as short
MEXC RAY_USDT	−0.0070%	8h	1.8278	+0.014%	$13.3M	$2.6M	100x	as long as short
gTrade (Gains Network) RAY/USDlong	L +0.0001% / S +0.0056%	1h	1.8276	long leg	$2K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.109%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8262	−0.074%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8277	+0.008%	$570K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8275	−0.003%	$2.0M	$766K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8277	+0.008%	$2.6M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8290	+0.079%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8301	+0.140%	$730K	$1.0M	—	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	1.8281	+0.032%	$107K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8306	+0.167%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8281	+0.030%	$15K	$131K	20x	as long as short
Lighter RAY	+0.0120%	1h	1.8302	+0.145%	$293K	$257K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8287	+0.063%	$259K	$861K	20x	as long as short
Orderly PERP_RAY_USDCshort	+0.0524%	4h	1.8292	+0.090%	$253K	$248K	10x