Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0143%/8h= −15.7% APRpaid last 24h +0.113%

Price spread now: BingX against MEXC−0.033%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs+$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on MEXC Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.993%+$99 on $10k

Price spread, last 7 days−0.041%−$4 · spread now −0.033%, 7d avg −0.015%

Together, before fees+0.952%+$95 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.993%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8063	0.0243	pay 0.0243% / 8h	24m 30s	$12.9M	$2.5M	100x
Short	BingX RAY-USDT	1.8057	0.0100	get 0.0050% / 4h	24m 30s	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against MEXC. 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 MEXCbpFee BingXbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$30.03
Price spread: −0.033% → −0.015%: −$1.82
Slippage, 4 orders: −$26.68
Fee MEXC: 2 bp × 2 orders: −$4
Fee BingX: 5 bp × 2 orders: −$10
Net: −$72.53
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; BingX: live order book, 8 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 MEXC live order book, 4 min ago	1.93 bp	7.3 bp −$7	43.0 bp −$430	94.9 bp −$9,487	doesn't fit
Sell BingX live order book, 8 min ago	2.20 bp	13.2 bp −$13	36.8 bp −$368	223.7 bp −$22.4K	558.2 bp −$279.1K

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	−0.2431%	1h	1.8048	−0.083%	$95K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8070	+0.038%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.052%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8038	−0.138%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8043	−0.111%	$561K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8065	+0.011%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8049	−0.078%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8057	−0.033%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.8096	+0.182%	$709K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8059	−0.023%	$106K	$44K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8065	+0.011%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8092	+0.161%	$15K	$121K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8077	+0.078%	$257K	$853K	20x	as long as short
MEXC RAY_USDTlong	+0.0243%	8h	1.8063	long leg	$12.9M	$2.5M	100x
Lighter RAY	+0.0384%	1h	1.8092	+0.161%	$286K	$258K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0604%	4h	1.8086	+0.127%	$251K	$247K	10x	as long as short