Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.154%

Price spread now: OKX against Lighter−0.096%7-day average −0.214% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$960.955% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.607%−$61 on $10k

Price spread, last 4 days (all we have)−0.254%−$25 · spread now −0.096%, 7d avg −0.214%

Together, before fees−0.862%+ Points / potential airdropLighter: Season 3 · farm board−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.118% dearer against Lighter than usual: you sell high and buy low (spread −0.096% now, against its 7-day average of −0.214%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.5 days. At the pace of the last 7 days (−0.607% in total) that is about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.7631	0.0160	pay 0.0020% / 1h	15m 21s	$229K	$335K	5x
Short	OKX RAY-USDT-SWAP	1.7614	0.0100	get 0.0100% / 8h	15m 21s	$4.2M	$12.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$12.6
Price spread: −0.096% → −0.214%: $11.78
Slippage, 4 orders: −$85.5
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$96.32
Costs to cover: 0.955%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; OKX: live order book, 3 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, 5 min ago	4.55 bp	17.9 bp −$18	108.9 bp −$1,089	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.57 bp	30.3 bp −$30	179.8 bp −$1,798	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7594	−0.212%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.823%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.7614	−0.096%	$4.2M	$12.8M	20x
Gate RAY_USDT	+0.0100%	4h	1.7618	−0.074%	$550K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7606	−0.142%	$1.8M	$831K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7620	−0.062%	$2.6M	$4.0M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7608	−0.130%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7589	−0.237%	$657K	$811K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7601	−0.170%	$66K	$28K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7611	−0.113%	—	$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	1.7618	−0.074%	$13K	$90K	20x	as long as short
Lighter RAYlong	+0.0160%	1h	1.7631	long leg	$229K	$335K	5x
BloFin RAY-USDT	+0.0220%	8h	1.7605	−0.147%	$241K	$876K	20x	as long as short
MEXC RAY_USDT	+0.0762%	8h	1.7613	−0.102%	$11.7M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	+0.1612%	1h	1.7652	+0.121%	$93K	$385K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2157%	4h	1.7646	+0.085%	$312K	$396K	10x	as long as short