Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h +0.040%

Price spread now: MEXC against Injective+7.518%85s7-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 MEXC

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 +$1 a day on $10k at the current rate, and MEXC is 7.518% dearer against Injective than usual: you sell high and buy low: +$752 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

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	35m 53s	$266	$25	5.5x
Short	MEXC RAY_USDT	1.7663	0.0050	get 0.0050% / 8h	7h 35m	$11.7M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +7.518%Rate

Funding earned: $3.5
Price spread: +7.518% → 0.000%: $751.77
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: $751.25
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 2 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 MEXC live order book, 2 min ago	2.82 bp	8.4 bp −$8	43.8 bp −$438	101.0 bp −$10.1K	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7695	+7.712%	$3K	—	150x	as long as short
Injective RAY/USDC PERPlong	+0.0033%	1h	1.6428	long leg	$266	$25	5.5x
MEXC RAY_USDTshort	+0.0050%	8h	1.7663	+7.518%	$11.7M	$2.5M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7642	+7.390%	$4.1M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7668	+7.548%	$549K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7664	+7.524%	$1.8M	$828K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7650	+7.439%	$2.6M	$3.9M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7649	+7.432%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7663	+7.515%	$662K	$805K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7702	+7.758%	$66K	$28K	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	1.7710	+7.804%	—	$2.3M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7731	+7.932%	$13K	$89K	20x	as long as short
BloFin RAY-USDT	+0.0117%	8h	1.7752	+8.059%	$240K	$872K	20x	as long as short
Lighter RAY	+0.0280%	1h	1.7696	+7.719%	$230K	$336K	5x	as long as short
Kraken Futures PF_RAYUSD	+0.1958%	1h	1.7755	+8.076%	$94K	$380K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2115%	4h	1.7722	+7.877%	$313K	$386K	10x	as long as short