Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.064%

Price spread now: HTX against MEXC−0.085%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.754%+$75 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. HTX is 0.085% cheaper against MEXC than usual: you would sell low and buy high (spread −0.085% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 5.7 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.754% in total) that is about 19 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.7614	0.0050	pay 0.0050% / 8h	1h 14m	$11.8M	$2.6M	100x
Short	HTX RAY-USDT	1.7599	0.0100	get 0.0050% / 4h	1h 14m	$13K	$91K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.085%Rate

Funding earned: $10.5
Price spread: −0.085% → 0.000%: −$8.52
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee HTX: 6 bp × 2 orders: −$12
Net: −$14.02
Costs to cover: 0.160%
Break-even: 16.3 days

Slippage unknown: MEXC: live order book, 3 min ago; HTX: 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 MEXC live order book, 3 min ago	3.68 bp	7.7 bp −$8	36.2 bp −$362	107.1 bp −$10.7K	doesn't fit
Sell HTX no order-book sample	—	—	—	—	—

HTX: 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7589	−0.144%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.733%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.7614	long leg	$11.8M	$2.6M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7605	−0.051%	$4.2M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7627	+0.074%	$552K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7621	+0.040%	$1.9M	$824K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7624	+0.057%	$2.6M	$4.0M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7616	+0.011%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.7602	−0.069%	$652K	$889K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.7614	0.000%	$66K	$28K	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	1.7602	−0.068%	—	$2.4M	10x	as long as short
HTX RAY-USDTshort	+0.0100%	4h	1.7599	−0.085%	$13K	$91K	20x
BloFin RAY-USDT	+0.0220%	8h	1.7600	−0.079%	$239K	$880K	20x	as long as short
Lighter RAY	+0.0256%	1h	1.7633	+0.108%	$243K	$316K	5x	as long as short
Kraken Futures PF_RAYUSD	+0.1344%	1h	1.7643	+0.166%	$86K	$376K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2307%	4h	1.7631	+0.097%	$308K	$393K	10x	as long as short