Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.140%

Price spread now: Variational Omni against Bullet−0.460%7-day average — · you buy dearer than you sell

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

Long on Bullet Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Variational Omni is 0.460% cheaper against Bullet than usual: you would sell low and buy high (−$46 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	Bullet RAY-USD	1.7399	0.0110	pay 0.0014% / 1h	42m 59s	$65K	$66K	10x
Short	Variational Omni RAY	1.7319	0.0100	get 0.0050% / 4h	2h 42m	$668K	$869K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bullet. 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 BulletbpFee Variational OmnibpOrdersPrice spread, now −0.460%Rate

Funding earned: −$2.19
Price spread: −0.460% → 0.000%: −$46
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$56.18
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Bullet: no order-book sample; Variational Omni: RFQ quote, 26 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 Bullet no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 26 min ago	5.83 bp	doesn't fit	85.1 bp −$851	doesn't fit	doesn't fit

Bullet: 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	−0.1584%	1h	1.7458	+0.338%	$86K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7390	−0.049%	$430	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.581%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7382	−0.098%	$11.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7387	−0.069%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7412	+0.075%	$545K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7392	−0.040%	$1.9M	$830K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7383	−0.092%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7319	−0.460%	$668K	$869K	—
SunX RAY-USDT	+0.0100%	4h	1.7406	+0.040%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7460	+0.351%	$13K	$91K	20x	as long as short
Bullet RAY-USDlong	+0.0110%	1h	1.7399	long leg	$65K	$66K	10x
BloFin RAY-USDT	+0.0220%	8h	1.7393	−0.034%	$248K	$916K	20x	as long as short
Lighter RAY	+0.0584%	1h	1.7410	+0.063%	$246K	$308K	5x	as long as short
BingX RAY-USDT	+0.0600%	4h	1.7388	−0.063%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.1806%	4h	1.7432	+0.190%	$312K	$391K	10x	as long as short