Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.004%

Price spread now: BloFin against KuCoin−0.716%95s7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1461.465% of the position

Long on KuCoin Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 3 days (all we have)+0.664%+$66 · spread now −0.716%, 7d avg −0.033%

Together, before fees+0.794%+$79 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.682% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.716% now, against its 7-day average of −0.033%). If the spread goes back, that is −$68 on $10k: about 19 days of funding at the current rate (+$4 a day). The two prices were read 95 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	KuCoin RAYUSDTM	1.8438	0.0100	pay 0.0050% / 4h	1h 45m	$2.0M	$767K	50x
Short	BloFin RAY-USDT	1.8306	0.0220	get 0.0220% / 8h	1h 45m	$257K	$863K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against KuCoin. 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 KuCoinbpFee BloFinbpOrdersPrice spread, now −0.716%Rate

Funding earned: $25.2
Price spread: −0.716% → −0.033%: −$68.24
Slippage, 4 orders: −$122.49
Fee KuCoin: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$189.53
Costs to cover: 1.465%
Break-even: 59.6 days

Slippage from KuCoin: live order book, 1 min ago; BloFin: live order book, 36 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 KuCoin live order book, 1 min ago	8.16 bp	52.0 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 36 min ago	1.10 bp	15.1 bp −$15	doesn't fit	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	−0.2293%	1h	1.8406	−0.171%	$99K	$456K	10x	as long as short
MEXC RAY_USDT	−0.0286%	8h	1.8467	+0.157%	$13.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8372	−0.359%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.901%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8460	+0.119%	$300K	$249K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8460	+0.119%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8453	+0.081%	$583K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.8438	long leg	$2.0M	$767K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8479	+0.222%	$2.7M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8467	+0.157%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8160	−1.505%	$713K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8375	−0.341%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8378	−0.325%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8380	−0.315%	$15K	$139K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8306	−0.716%	$257K	$863K	20x
Orderly PERP_RAY_USDC	+0.0446%	4h	1.8403	−0.190%	$255K	$250K	10x	as long as short