Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.081%

Price spread now: SunX against MEXC+0.169%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1431.428% of the position

Long on MEXC Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.786%+$79 on $10k

Price spread, last 3 days (all we have)−0.302%−$30 · spread now +0.169%, 7d avg −0.008%

Together, before fees+0.485%+$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SunX is 0.177% dearer against MEXC than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8349	0.0050	pay 0.0050% / 8h	1h 05m	$13.4M	$2.6M	100x
Short	SunX RAY-USDT	1.8380	0.0100	get 0.0050% / 4h	1h 05m	—	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.169%Rate

Funding earned: $10.5
Price spread: +0.169% → −0.008%: $17.66
Slippage, 4 orders: −$130.76
Fee MEXC: 2 bp × 2 orders: −$4
Fee SunX: 4 bp × 2 orders: −$8
Net: −$114.6
Costs to cover: 1.428%
Break-even: 83.4 days

Slippage from MEXC: live order book, 7 min ago; SunX: live order book, 10 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, 7 min ago	2.71 bp	7.2 bp −$7	42.2 bp −$422	96.1 bp −$9,609	doesn't fit
Sell SunX live order book, 10 min ago	45.52 bp	64.3 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
Kraken Futures PF_RAYUSD	−0.2304%	1h	1.8322	−0.147%	$97K	$442K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8360	+0.062%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.469%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.8349	long leg	$13.4M	$2.6M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8340	−0.049%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8354	+0.027%	$573K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8344	−0.027%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8351	+0.011%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8366	+0.093%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8301	−0.261%	$730K	$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	1.8372	+0.124%	$108K	$47K	10x	as long as short
SunX RAY-USDTshort	+0.0100%	4h	1.8380	+0.169%	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8354	+0.027%	$15K	$131K	20x	as long as short
Lighter RAY	+0.0168%	1h	1.8391	+0.229%	$295K	$257K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8285	−0.349%	$259K	$861K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0532%	4h	1.8384	+0.191%	$255K	$248K	10x	as long as short