Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.015%

Price spread now: BloFin against Gate+0.080%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$1981.975% of the position

Long on Gate Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.184%+$18 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.080%, 7d avg −0.029%

Together, before fees+0.130%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.109% dearer against Gate than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.7449	0.0100	pay 0.0050% / 4h	1h 29m	$557K	$869K	25x
Short	BloFin RAY-USDT	1.7463	0.0124	get 0.0124% / 8h	5h 29m	$242K	$821K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Gate. 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 GatebpFee BloFinbpOrdersPrice spread, now +0.080%Rate

Funding earned: $4.94
Price spread: +0.080% → −0.029%: $10.92
Slippage, 4 orders: −$170.54
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$181.69
Costs to cover: 1.975%
Break-even: 264.7 days

Slippage from Gate: live order book, 16 min ago; BloFin: live order book, 16 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 Gate live order book, 16 min ago	4.83 bp	71.0 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 16 min ago	1.14 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit

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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7445	−0.025%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.851%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7478	+0.166%	$220K	$345K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7454	+0.029%	$4.1M	$11.6M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.7449	long leg	$557K	$869K	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7451	+0.011%	$1.8M	$800K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7462	+0.075%	$2.5M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7453	+0.023%	—	$1.9M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7418	−0.175%	$613K	$749K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7455	+0.034%	$66K	$26K	10x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7449	0.000%	—	$1.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7454	+0.029%	$12K	$70K	20x	as long as short
MEXC RAY_USDT	+0.0112%	8h	1.7458	+0.052%	$11.0M	$2.5M	100x	as long as short
BloFin RAY-USDTshort	+0.0124%	8h	1.7463	+0.080%	$242K	$821K	20x
Kraken Futures PF_RAYUSD	+0.0953%	1h	1.7387	−0.357%	$95K	$420K	10x	as long as short
Orderly PERP_RAY_USDC	+0.1819%	4h	1.7478	+0.166%	$290K	$362K	10x	as long as short