Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.113%

Price spread now: KuCoin against Lighter−0.092%7-day average −0.199% · you buy dearer than you sell

Net, funding: paid 7d − costs−$236as in the Funding arb table

Net, price: spread back to 7d avg − costs−$171as in the Price arb table

costs, in and out, $10k−$1811.812% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.548%−$55 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now −0.092%, 7d avg −0.199%

Together, before fees−0.778%+ Points / potential airdropLighter: Season 3 · farm board−$78 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.106% dearer against Lighter than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.199%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8390	0.0096	pay 0.0012% / 1h	46m 26s	$299K	$249K	5x
Short	KuCoin RAYUSDTM	1.8373	0.0100	get 0.0050% / 4h	1h 46m	$2.0M	$767K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Lighter. 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 LighterbpFee KuCoinbpOrdersPrice spread, now −0.092%Rate

Funding earned: $0.84
Price spread: −0.092% → −0.199%: $10.65
Slippage, 4 orders: −$169.18
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$169.7
Costs to cover: 1.812%
Break-even: 1421.1 days

Slippage from Lighter: live order book, 28 min ago; KuCoin: live order book, 5 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 Lighter live order book, 28 min ago	6.30 bp	16.5 bp −$16	112.3 bp −$1,123	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	5.78 bp	36.9 bp −$37	319.0 bp −$3,190	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	−0.2302%	1h	1.8333	−0.310%	$98K	$456K	10x	as long as short
MEXC RAY_USDT	−0.0268%	8h	1.8392	+0.011%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8372	−0.099%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.669%	$266	$25	5.5x	as long as short
Lighter RAYlong	+0.0096%	1h	1.8390	long leg	$299K	$249K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8356	−0.185%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8368	−0.120%	$581K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.8373	−0.092%	$2.0M	$767K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8386	−0.022%	$2.7M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8388	−0.011%	—	$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	−1.248%	$713K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8375	−0.081%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8292	−0.533%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8256	−0.729%	$15K	$140K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8306	−0.457%	$257K	$863K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0444%	4h	1.8328	−0.337%	$254K	$250K	10x	as long as short