Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h −0.041%

Price spread now: gTrade (Gains Network) against KuCoin+0.458%7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. gTrade (Gains Network) is 0.458% dearer against KuCoin than usual: you sell high and buy low (spread +0.458% now, against zero (this spread has no 7-day history yet)): +$46 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 9.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.7318	0.0100	pay 0.0050% / 4h	2h 47m	$1.9M	$814K	50x
Short	gTrade (Gains Network) RAY/USD	1.7397	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	47m 00s	$430	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.458%Rate

Funding earned: −$32.67
Price spread: +0.458% → 0.000%: $45.85
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$8.83
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 4 min ago; gTrade (Gains Network): 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 KuCoin live order book, 4 min ago	8.80 bp	77.1 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.1591%	1h	1.7379	+0.355%	$86K	$393K	10x	as long as short
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.7397	+0.458%	$430	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.139%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7312	−0.035%	$4.2M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7317	−0.006%	$542K	$1.2M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.7318	long leg	$1.9M	$814K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7320	+0.012%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.7596	+1.608%	$680K	$868K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7406	+0.508%	$65K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7428	+0.635%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7514	+1.132%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7373	+0.318%	$244K	$914K	20x	as long as short
BingX RAY-USDT	+0.0422%	4h	1.7329	+0.064%	—	$2.0M	—	as long as short
Lighter RAY	+0.0448%	1h	1.7392	+0.427%	$246K	$306K	5x	as long as short
MEXC RAY_USDT	+0.0667%	8h	1.7315	−0.017%	$11.8M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.1771%	4h	1.7415	+0.560%	$312K	$391K	10x	as long as short