Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h −0.002%

Price spread now: BloFin against SunX−0.184%115s7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1601.603% of the position

Long on SunX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.357%+$36 · spread now −0.184%, 7d avg −0.039%

Together, before fees+0.424%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.145% cheaper against SunX than usual: you would sell low and buy high (spread −0.184% now, against its 7-day average of −0.039%). If the spread goes back, that is −$14 on $10k: about 4.0 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.066% in total) that is about 15 days. The two prices were read 115 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8461	0.0100	pay 0.0050% / 4h	1h 19m	—	$2.6M	10x
Short	BloFin RAY-USDT	1.8427	0.0220	get 0.0220% / 8h	1h 19m	$261K	$868K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.184%Rate

Funding earned: $25.2
Price spread: −0.184% → −0.039%: −$14.49
Slippage, 4 orders: −$140.27
Fee SunX: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$149.56
Costs to cover: 1.603%
Break-even: 48.5 days

Slippage from SunX: live order book, 7 min ago; BloFin: live order book, 62 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	45.81 bp	64.0 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 62 min ago	1.10 bp	15.1 bp −$15	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	−0.2294%	1h	1.8401	−0.324%	$99K	$438K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8471	+0.055%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.012%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8479	+0.098%	$13.5M	$2.5M	100x	as long as short
Lighter RAY	+0.0096%	1h	1.8459	−0.011%	$298K	$251K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8455	−0.033%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8441	−0.108%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8449	−0.065%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8463	+0.011%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8475	+0.076%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAY	+0.0100%	4h	1.8429	−0.172%	$732K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8480	+0.104%	$109K	$47K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8461	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8416	−0.244%	$15K	$134K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.8427	−0.184%	$261K	$868K	20x
Orderly PERP_RAY_USDC	+0.0491%	4h	1.8489	+0.152%	$256K	$248K	10x	as long as short