Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against Gate−6.860%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 Injective

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 6.860% cheaper against Gate than usual: you would sell low and buy high (−$686 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.7638	0.0100	pay 0.0050% / 4h	2h 55m	$551K	$1.2M	25x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	55m 08s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −6.860%Rate

Funding earned: −$14
Price spread: −6.860% → 0.000%: −$686.02
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$715.04
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 2 min ago; Injective: 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	2.27 bp	44.5 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.1571%	1h	1.7601	−0.211%	$88K	$391K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7611	−0.155%	$436	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−6.860%	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7647	+0.051%	$4.3M	$12.7M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.7638	long leg	$551K	$1.2M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7636	−0.011%	$1.9M	$805K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7650	+0.068%	$2.6M	$3.9M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7641	+0.017%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7655	+0.096%	$682K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7622	−0.091%	$66K	$66K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.7618	−0.113%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7619	−0.108%	$13K	$91K	20x	as long as short
Lighter RAY	+0.0216%	1h	1.7636	−0.011%	$249K	$305K	5x	as long as short
MEXC RAY_USDT	+0.0218%	8h	1.7647	+0.051%	$12.1M	$2.4M	100x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7600	−0.215%	$247K	$924K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1707%	4h	1.7677	+0.221%	$317K	$390K	10x	as long as short