Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.024%

Price spread now: Bitget against OKX+0.006%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$990.985% of the position

Long on OKX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 7 days+0.016%+$2 · spread now +0.006%, 7d avg +0.027%

Together, before fees+0.094%+$9 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: Bitget is 0.022% cheaper against OKX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.8031	0.0100	pay 0.0100% / 8h	5h 35m	$4.5M	$12.9M	20x
Short	Bitget RAYUSDT	1.8032	0.0100	get 0.0050% / 4h	1h 35m	$2.6M	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against OKX. 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 OKXbpFee BitgetbpOrdersPrice spread, now +0.006%Rate

Funding earned: $0
Price spread: +0.006% → +0.027%: −$2.17
Slippage, 4 orders: −$76.54
Fee OKX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$100.71
Costs to cover: 0.985%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Bitget: 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 OKX live order book, 2 min ago	3.63 bp	28.0 bp −$28	207.2 bp −$2,072	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	4.45 bp	23.5 bp −$24	72.1 bp −$721	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	1.8037	+0.034%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.890%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8031	long leg	$4.5M	$12.9M	20x
Gate RAY_USDT	+0.0100%	4h	1.8050	+0.105%	$568K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8037	+0.033%	$1.9M	$776K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.8032	+0.006%	$2.6M	$3.7M	25x
BingX RAY-USDT	+0.0100%	4h	1.8055	+0.133%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8051	+0.111%	$705K	$978K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8059	+0.155%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8069	+0.211%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8049	+0.100%	$13K	$93K	20x	as long as short
MEXC RAY_USDT	+0.0143%	8h	1.8039	+0.044%	$12.6M	$2.4M	100x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7972	−0.327%	$254K	$867K	20x	as long as short
Lighter RAY	+0.0224%	1h	1.8066	+0.194%	$266K	$285K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0579%	4h	1.8088	+0.316%	$317K	$393K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0770%	1h	1.8081	+0.278%	$90K	$452K	10x	as long as short