Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0204%/8h= +22.3% APRpaid last 24h +0.115%

Price spread now: Lighter against SunX+0.139%7-day average +0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1811.810% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.493%+$49 on $10k

Price spread, last 3 days (all we have)+0.287%+$29 · spread now +0.139%, 7d avg +0.174%

Together, before fees+0.780%+ Points / potential airdropLighter: Season 3 · farm board+$78 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.035% cheaper against SunX than usual: you would sell low and buy high (spread +0.139% now, against its 7-day average of +0.174%). If the spread goes back, that is −$4 on $10k: about 14 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8007	0.0100	pay 0.0050% / 4h	2h 21m	—	$2.5M	10x
Short	Lighter RAY	1.8032	0.0304	get 0.0038% / 1h	21m 10s	$267K	$287K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.139%Rate

Funding earned: $42.84
Price spread: +0.139% → +0.174%: −$3.51
Slippage, 4 orders: −$172.98
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$141.66
Costs to cover: 1.810%
Break-even: 30.1 days

Slippage from SunX: live order book, 6 min ago; Lighter: live order book, 29 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	46.22 bp	64.7 bp −$65	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 29 min ago	7.21 bp	22.4 bp −$22	130.9 bp −$1,309	doesn't fit	doesn't fit

RAY on 15 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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8005	−0.009%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.8047	+0.224%	$89K	$447K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.769%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8006	−0.006%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8025	+0.100%	$561K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8020	+0.072%	$1.9M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8023	+0.089%	$2.6M	$3.6M	25x	as long as short
Variational Omni RAY	+0.0100%	4h	1.8058	+0.283%	$707K	$985K	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8017	+0.056%	$68K	$66K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8007	long leg	—	$2.5M	10x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8008	+0.006%	$13K	$102K	20x	as long as short
Lighter RAYshort	+0.0304%	1h	1.8032	+0.139%	$267K	$287K	5x
MEXC RAY_USDT	+0.0419%	8h	1.8022	+0.083%	$12.8M	$2.5M	100x	as long as short
BingX RAY-USDT	+0.0490%	4h	1.8022	+0.083%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.0610%	4h	1.8029	+0.122%	$254K	$248K	10x	as long as short