Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.020%

Price spread now: Injective against SunX−9.929%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$2 a day on $10k at the current rate, and Injective is 9.929% cheaper against SunX than usual: you would sell low and buy high (−$993 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	SunX RAY-USDT	1.8239	0.0100	pay 0.0050% / 4h	2h 22m	—	$2.6M	10x
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	22m 26s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −9.929%Rate

Funding earned: −$14
Price spread: −9.929% → 0.000%: −$992.93
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,014.95
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 4 min ago; Injective: 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 SunX live order book, 4 min ago	45.63 bp	64.2 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0047%	1h	1.8175	−0.352%	$107K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8207	−0.174%	$1K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−9.929%	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8194	−0.247%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8214	−0.137%	$578K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8221	−0.099%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8200	−0.214%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8213	−0.143%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8316	+0.424%	$722K	$1.1M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8201	−0.208%	$107K	$46K	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	1.8239	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8261	+0.121%	$15K	$148K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8228	−0.060%	$256K	$850K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0395%	4h	1.8220	−0.104%	$252K	$237K	10x	as long as short
MEXC RAY_USDT	+0.0485%	8h	1.8198	−0.225%	$13.5M	$2.5M	100x	as long as short
Lighter RAY	+0.0712%	1h	1.8227	−0.066%	$302K	$263K	5x	as long as short