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 0.000%

Price spread now: Gate against SunX+0.011%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$291as in the Funding arb table

Net, price: spread back to 7d avg − costs−$276as in the Price arb table

costs, in and out, $10k−$2792.788% of the position

Long on SunX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 3 days (all we have)+0.076%+$8 · spread now +0.011%, 7d avg −0.017%

Together, before fees−0.049%−$5 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: Gate is 0.028% dearer against SunX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8524	0.0100	pay 0.0050% / 4h	3h 11m	—	$2.5M	10x
Short	Gate RAY_USDT	1.8526	0.0100	get 0.0050% / 4h	3h 11m	$568K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → −0.017%: $2.8
Slippage, 4 orders: −$255.78
Fee SunX: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$275.98
Costs to cover: 2.788%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Gate: live order book, 1 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, 6 min ago	45.05 bp	63.5 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	6.75 bp	76.0 bp −$76	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	−0.1759%	1h	1.8583	+0.319%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8513	−0.059%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.315%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8505	−0.103%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8496	−0.151%	$4.7M	$13.4M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.8526	+0.011%	$568K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8517	−0.038%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8504	−0.108%	$2.7M	$3.7M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8504	−0.106%	$725K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8521	−0.016%	$70K	$66K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDTlong	+0.0100%	4h	1.8524	long leg	—	$2.5M	10x
HTX RAY-USDT	+0.0100%	4h	1.8525	+0.005%	$13K	$109K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8514	−0.054%	$255K	$884K	20x	as long as short
Lighter RAY	+0.0504%	1h	1.8543	+0.103%	$277K	$284K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0577%	4h	1.8531	+0.038%	$263K	$247K	10x	as long as short
BingX RAY-USDT	+0.0618%	4h	1.8518	−0.032%	—	$2.0M	—	as long as short