Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0143%/8h= +15.7% APRpaid last 24h −0.081%

Price spread now: MEXC against SunX−0.011%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$219as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1411.406% of the position

Long on SunX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.786%−$79 on $10k

Price spread, last 3 days (all we have)+0.144%+$14 · spread now −0.011%, 7d avg +0.007%

Together, before fees−0.643%−$64 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.786%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8065	0.0100	pay 0.0050% / 4h	24m 54s	—	$2.6M	10x
Short	MEXC RAY_USDT	1.8063	0.0243	get 0.0243% / 8h	24m 54s	$12.9M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.011%Rate

Funding earned: $30.03
Price spread: −0.011% → +0.007%: −$1.81
Slippage, 4 orders: −$128.61
Fee SunX: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$112.4
Costs to cover: 1.406%
Break-even: 33.2 days

Slippage from SunX: live order book, 2 min ago; MEXC: live order book, 3 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, 2 min ago	45.05 bp	63.4 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.93 bp	5.9 bp −$6	32.9 bp −$329	83.8 bp −$8,381	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	−0.2431%	1h	1.8048	−0.094%	$95K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8070	+0.027%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.062%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8057	−0.044%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8061	−0.022%	$562K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8065	0.000%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8067	+0.011%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8072	+0.039%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8096	+0.171%	$709K	$1.0M	—	as long as short
Bullet RAY-USD	+0.0100%	1h	1.8077	+0.066%	$106K	$44K	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	1.8065	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8092	+0.149%	$15K	$121K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8077	+0.066%	$257K	$853K	20x	as long as short
MEXC RAY_USDTshort	+0.0243%	8h	1.8063	−0.011%	$12.9M	$2.5M	100x
Lighter RAY	+0.0384%	1h	1.8103	+0.210%	$286K	$258K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0604%	4h	1.8086	+0.116%	$251K	$247K	10x	as long as short