Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0488%/8h= −53.4% APRpaid last 24h −0.047%

Price spread now: gTrade (Gains Network) against Orderly−0.128%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and gTrade (Gains Network) is 0.128% cheaper against Orderly than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_RAY_USDC	1.8169	0.0432	pay 0.0216% / 4h	1h 58m	$252K	$250K	10x
Short	gTrade (Gains Network) RAY/USD	1.8146	L +0.0001% / S +0.0056%	pay 0.0007% / 1h	58m 54s	$1K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.128%Rate

Funding earned: −$102.49
Price spread: −0.128% → 0.000%: −$12.77
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$131.25
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): 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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

Orderly and gTrade (Gains Network): 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
Kraken Futures PF_RAYUSD	−0.2328%	1h	1.8130	−0.214%	$97K	$453K	10x	as long as short
MEXC RAY_USDT	−0.0194%	8h	1.8143	−0.143%	$13.3M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USDshort	L +0.0001% / S +0.0056%	1h	1.8146	−0.128%	$1K	—	150x
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.582%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8120	−0.270%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8142	−0.149%	$573K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8149	−0.110%	$2.0M	$774K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8155	−0.077%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8145	−0.132%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8155	−0.079%	$712K	$1.1M	—	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	1.8153	−0.087%	$107K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8152	−0.094%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8139	−0.165%	$15K	$142K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8132	−0.204%	$257K	$855K	20x	as long as short
Orderly PERP_RAY_USDClong	+0.0432%	4h	1.8169	long leg	$252K	$250K	10x
Lighter RAY	+0.0504%	1h	1.8180	+0.061%	$297K	$246K	5x	as long as short