Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: HTX against Injective+11.213%7-day average — · you sell dearer than you buy

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

Long on Injective Short on HTX

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and HTX is 11.213% dearer against Injective than usual: you sell high and buy low: +$1,121 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	Injective RAY/USDC PERP	1.6428	0.0033	pay 0.0004% / 1h	6m 39s	$266	$25	5.5x
Short	HTX RAY-USDT	1.8270	0.0100	get 0.0050% / 4h	1h 06m	$15K	$131K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Injective. 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 InjectivebpFee HTXbpOrdersPrice spread, now +11.213%Rate

Funding earned: $14
Price spread: +11.213% → 0.000%: $1,121.26
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: $1,123.24
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; HTX: live order book, 9 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell HTX live order book, 9 min ago	63.62 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	−0.2302%	1h	1.8332	+11.592%	$97K	$442K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8329	+11.572%	$2K	—	150x	as long as short
Injective RAY/USDC PERPlong	+0.0033%	1h	1.6428	long leg	$266	$25	5.5x
MEXC RAY_USDT	+0.0050%	8h	1.8368	+11.809%	$13.4M	$2.6M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8356	+11.736%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8340	+11.639%	$572K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8352	+11.712%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8370	+11.821%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8369	+11.815%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8301	+11.401%	$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	1.8345	+11.669%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8347	+11.681%	—	$2.6M	10x	as long as short
HTX RAY-USDTshort	+0.0100%	4h	1.8270	+11.213%	$15K	$131K	20x
Lighter RAY	+0.0168%	1h	1.8401	+12.010%	$295K	$257K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8285	+11.304%	$259K	$861K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0528%	4h	1.8361	+11.766%	$254K	$248K	10x	as long as short