Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.076%

Price spread now: KuCoin against MEXC+0.005%7-day average −0.015% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1311.314% of the position

Long on MEXC Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.722%+$72 on $10k

Price spread, last 7 days−0.074%−$7 · spread now +0.005%, 7d avg −0.015%

Together, before fees+0.648%+$65 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.020% dearer against MEXC than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8220	0.0071	pay 0.0071% / 8h	39m 46s	$13.2M	$2.5M	100x
Short	KuCoin RAYUSDTM	1.8221	0.0100	get 0.0050% / 4h	39m 46s	$2.0M	$747K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.005%Rate

Funding earned: $6.09
Price spread: +0.005% → −0.015%: $2.01
Slippage, 4 orders: −$115.44
Fee MEXC: 2 bp × 2 orders: −$4
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$123.33
Costs to cover: 1.314%
Break-even: 148.8 days

Slippage from MEXC: live order book, 4 min ago; KuCoin: live order book, 2 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	3.00 bp	7.0 bp −$7	42.7 bp −$427	101.2 bp −$10.1K	doesn't fit
Sell KuCoin live order book, 2 min ago	7.68 bp	48.9 bp −$49	312.3 bp −$3,123	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	−0.2410%	1h	1.8208	−0.067%	$96K	$441K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8213	−0.039%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.835%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0071%	8h	1.8220	long leg	$13.2M	$2.5M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8236	+0.088%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8221	+0.005%	$568K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.8221	+0.005%	$2.0M	$747K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8234	+0.077%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8231	+0.060%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8251	+0.171%	$727K	$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	1.8218	−0.011%	$107K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8220	0.000%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8217	−0.016%	$15K	$124K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8226	+0.033%	$256K	$860K	20x	as long as short
Lighter RAY	+0.0312%	1h	1.8268	+0.263%	$290K	$254K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0592%	4h	1.8238	+0.099%	$253K	$248K	10x	as long as short