Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.010%

Price spread now: Bullet against Gate−0.017%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Bullet

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

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.7526	0.0100	pay 0.0050% / 4h	2h 15m	$547K	$1.2M	25x
Short	Bullet RAY-USD	1.7523	0.0100	get 0.0013% / 1h	15m 12s	$66K	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.017%Rate

Funding earned: $0
Price spread: −0.017% → 0.000%: −$1.71
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$24.71
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 2 min ago; Bullet: 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 Gate live order book, 2 min ago	5.43 bp	53.1 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell Bullet no order-book sample	—	—	—	—	—

Bullet: 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	−0.1575%	1h	1.7560	+0.196%	$86K	$398K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7509	−0.099%	$433	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.265%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7531	+0.029%	$11.8M	$2.6M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7529	+0.017%	$4.2M	$13.0M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.7526	long leg	$547K	$1.2M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7519	−0.040%	$1.9M	$832K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7523	−0.017%	$2.6M	$4.1M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7500	−0.148%	$674K	$870K	—	as long as short
Bullet RAY-USDshort	+0.0100%	1h	1.7523	−0.017%	$66K	$66K	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	1.7527	+0.006%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7532	+0.034%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7518	−0.046%	$199K	$933K	20x	as long as short
Lighter RAY	+0.0520%	1h	1.7555	+0.165%	$246K	$311K	5x	as long as short
BingX RAY-USDT	+0.0770%	4h	1.7520	−0.034%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.1998%	4h	1.7560	+0.194%	$307K	$399K	10x	as long as short