Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.164%

Price spread now: Variational Omni against Bitget+0.342%7-day average −0.023% · you sell dearer than you buy

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

Long on Bitget Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.164%−$16 on $10k

Price spread, last 7 days−0.316%−$32 · spread now +0.342%, 7d avg −0.023%

Together, before fees−0.480%+ Points / potential airdropVariational Omni: Active · farm board−$48 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: Variational Omni is 0.365% dearer against Bitget than usual: you sell high and buy low, +$36 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8189	0.0100	pay 0.0050% / 4h	37m 10s	$2.6M	$3.6M	25x
Short	Variational Omni RAY	1.8251	0.0100	get 0.0050% / 4h	37m 10s	$727K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bitget. 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 BitgetbpFee Variational OmnibpOrdersPrice spread, now +0.342%Rate

Funding earned: $0
Price spread: +0.342% → −0.023%: $36.47
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $24.47
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 1 min ago; Variational Omni: RFQ quote, 2 min ago. 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 Bitget live order book, 1 min ago	3.02 bp	19.5 bp −$20	76.0 bp −$760	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.84 bp	doesn't fit	86.4 bp −$864	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	−0.2417%	1h	1.8155	−0.188%	$96K	$441K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8193	+0.021%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.682%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8195	+0.033%	$13.2M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8132	−0.313%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8186	−0.016%	$567K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8199	+0.055%	$2.0M	$747K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8189	long leg	$2.6M	$3.6M	25x
BingX RAY-USDT	+0.0100%	4h	1.8199	+0.055%	—	$2.0M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.8251	+0.342%	$727K	$1.0M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8198	+0.049%	$107K	$45K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8196	+0.038%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8209	+0.110%	$15K	$123K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8200	+0.060%	$259K	$858K	20x	as long as short
Lighter RAY	+0.0360%	1h	1.8230	+0.225%	$290K	$254K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0594%	4h	1.8212	+0.126%	$252K	$248K	10x	as long as short