Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.034%

Price spread now: OKX against SunX+0.116%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1901.896% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now +0.116%, 7d avg −0.031%

Together, before fees−0.041%−$4 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: OKX is 0.147% dearer against SunX than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8092	0.0100	pay 0.0050% / 4h	2h 07m	—	$2.6M	10x
Short	OKX RAY-USDT-SWAP	1.8113	0.0100	get 0.0100% / 8h	2h 07m	$4.5M	$13.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.116%Rate

Funding earned: $0
Price spread: +0.116% → −0.031%: $14.73
Slippage, 4 orders: −$171.57
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$174.84
Costs to cover: 1.896%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; OKX: live order book, just now.

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, 9 min ago	45.56 bp	63.6 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, just now	1.38 bp	26.7 bp −$27	117.8 bp −$1,178	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
MEXC RAY_USDT	−0.0273%	8h	1.8068	−0.133%	$13.3M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	−0.0048%	1h	1.7973	−0.655%	$92K	$448K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8060	−0.177%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.197%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8113	+0.116%	$4.5M	$13.1M	20x
Gate RAY_USDT	+0.0100%	4h	1.8046	−0.254%	$572K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8056	−0.199%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8128	+0.199%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8059	−0.182%	—	$2.0M	—	as long as short
Variational Omni RAY	+0.0100%	4h	1.8189	+0.537%	$715K	$1.1M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8065	−0.150%	$106K	$47K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8092	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8091	−0.006%	$15K	$145K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8075	−0.094%	$256K	$850K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0416%	4h	1.8078	−0.077%	$250K	$250K	10x	as long as short
Lighter RAY	+0.0536%	1h	1.8090	−0.011%	$297K	$266K	5x	as long as short