Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.034%

Price spread now: BingX against SunX−0.102%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1511.511% of the position

Long on SunX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 3 days (all we have)+0.193%+$19 · spread now −0.102%, 7d avg +0.004%

Together, before fees+0.402%+$40 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: BingX is 0.106% cheaper against SunX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8552	0.0100	pay 0.0050% / 4h	3h 09m	—	$2.5M	10x
Short	BingX RAY-USDT	1.8533	0.0100	get 0.0050% / 4h	3h 09m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against SunX. 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 SunXbpFee BingXbpOrdersPrice spread, now −0.102%Rate

Funding earned: $0
Price spread: −0.102% → +0.004%: −$10.65
Slippage, 4 orders: −$133.07
Fee SunX: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$161.71
Costs to cover: 1.511%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; BingX: live order book, 8 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 SunX live order book, 7 min ago	45.05 bp	63.5 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	1.62 bp	13.8 bp −$14	42.1 bp −$421	283.9 bp −$28.4K	681.7 bp −$340.9K

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	−0.1760%	1h	1.8575	+0.123%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8532	−0.108%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.449%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8532	−0.108%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8510	−0.226%	$4.7M	$13.5M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8524	−0.151%	$569K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8538	−0.075%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8509	−0.232%	$2.7M	$3.7M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8533	−0.102%	—	$2.0M	—
Variational Omni RAY	+0.0100%	4h	1.8504	−0.256%	$725K	$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	1.8552	−0.002%	$70K	$66K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8552	long leg	—	$2.5M	10x
HTX RAY-USDT	+0.0100%	4h	1.8532	−0.108%	$14K	$109K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8514	−0.205%	$255K	$884K	20x	as long as short
Lighter RAY	+0.0520%	1h	1.8537	−0.081%	$277K	$284K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0580%	4h	1.8563	+0.059%	$263K	$247K	10x	as long as short