Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.124%

Price spread now: Lighter against Gate+0.156%7-day average +0.207% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

costs, in and out, $10k−$1641.637% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.629%+$63 on $10k

Price spread, last 4 days (all we have)+0.199%+$20 · spread now +0.156%, 7d avg +0.207%

Together, before fees+0.828%+ Points / potential airdropLighter: Season 3 · farm board+$83 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.051% cheaper against Gate than usual: you would sell low and buy high (spread +0.156% now, against its 7-day average of +0.207%). If the spread goes back, that is −$5 on $10k: about 3.9 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.629% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.7955	0.0100	pay 0.0050% / 4h	3h 53m	$578K	$1.1M	25x
Short	Lighter RAY	1.7983	0.0144	get 0.0018% / 1h	53m 39s	$259K	$300K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.156%Rate

Funding earned: $9.24
Price spread: +0.156% → +0.207%: −$5.14
Slippage, 4 orders: −$148.75
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$159.65
Costs to cover: 1.637%
Break-even: 127.9 days

Slippage from Gate: live order book, 4 min ago; Lighter: live order book, 47 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, 4 min ago	6.97 bp	46.6 bp −$47	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 47 min ago	6.37 bp	17.3 bp −$17	118.5 bp −$1,185	doesn't fit	doesn't fit

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	−0.2675%	1h	1.7942	−0.073%	$90K	$402K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7942	−0.072%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.505%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7958	+0.017%	$12.5M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7982	+0.150%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.7955	long leg	$578K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7957	+0.011%	$1.9M	$780K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7966	+0.061%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7975	+0.111%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7898	−0.315%	$692K	$868K	—	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	1.7948	−0.037%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7943	−0.067%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7944	−0.061%	$13K	$91K	20x	as long as short
Lighter RAYshort	+0.0144%	1h	1.7983	+0.156%	$259K	$300K	5x
BloFin RAY-USDT	+0.0220%	8h	1.7944	−0.061%	$252K	$917K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1395%	4h	1.7990	+0.195%	$323K	$400K	10x	as long as short