Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.115%

Price spread now: SunX against Lighter+0.207%7-day average −0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$220as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1711.707% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.493%−$49 on $10k

Price spread, last 3 days (all we have)−0.633%−$63 · spread now +0.207%, 7d avg −0.174%

Together, before fees−1.126%+ Points / potential airdropLighter: Season 3 · farm board−$113 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: SunX is 0.381% dearer against Lighter than usual: you sell high and buy low, +$38 on $10k if it goes back to its 7-day average of −0.174%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.7873	0.0096	pay 0.0012% / 1h	42m 21s	$266K	$285K	5x
Short	SunX RAY-USDT	1.7910	0.0100	get 0.0050% / 4h	2h 42m	—	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.207%Rate

Funding earned: $0.84
Price spread: +0.207% → −0.174%: $38.1
Slippage, 4 orders: −$162.75
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$131.81
Costs to cover: 1.707%
Break-even: 1105.4 days

Slippage from Lighter: live order book, 8 min ago; SunX: live order book, 4 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, 8 min ago	7.21 bp	21.0 bp −$21	105.0 bp −$1,050	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	44.90 bp	64.1 bp −$64	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7854	−0.105%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7947	+0.416%	$89K	$445K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.085%	$266	$25	5.5x	as long as short
Lighter RAYlong	+0.0096%	1h	1.7873	long leg	$266K	$285K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7844	−0.162%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7859	−0.078%	$554K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7868	−0.028%	$1.9M	$774K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7861	−0.067%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7857	−0.090%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7912	+0.217%	$702K	$1.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7855	−0.101%	$67K	$66K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.7910	+0.207%	—	$2.5M	10x
HTX RAY-USDT	+0.0100%	4h	1.7905	+0.179%	$13K	$106K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7974	+0.565%	$261K	$870K	20x	as long as short
MEXC RAY_USDT	+0.0284%	8h	1.7866	−0.039%	$12.7M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0584%	4h	1.7873	0.000%	$252K	$248K	10x	as long as short