Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.164%

Price spread now: Variational Omni against Gate−0.224%7-day average +0.007% · you buy dearer than you sell

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

Long on Gate 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+0.296%+$30 · spread now −0.224%, 7d avg +0.007%

Together, before fees+0.132%+ Points / potential airdropVariational Omni: Active · farm board+$13 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 0.231% cheaper against Gate than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.7973	0.0100	pay 0.0050% / 4h	2h 12m	$563K	$1.1M	25x
Short	Variational Omni RAY	1.7933	0.0100	get 0.0050% / 4h	2h 12m	$703K	$985K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee Variational OmnibpOrdersPrice spread, now −0.224%Rate

Funding earned: $0
Price spread: −0.224% → +0.007%: −$23.13
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$38.13
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; Variational Omni: RFQ quote, 12 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 Gate live order book, 5 min ago	5.85 bp	51.2 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 12 min ago	6.36 bp	doesn't fit	56.3 bp −$563	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	1.7982	+0.051%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7883	−0.499%	$90K	$451K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.596%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7965	−0.045%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.7973	long leg	$563K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7980	+0.039%	$1.9M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7986	+0.072%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7933	−0.224%	$703K	$985K	—
Bullet RAY-USD	+0.0100%	1h	1.7992	+0.106%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7989	+0.089%	—	$2.5M	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7878	−0.529%	$13K	$99K	20x	as long as short
MEXC RAY_USDT	+0.0145%	8h	1.7983	+0.056%	$12.7M	$2.5M	100x	as long as short
BingX RAY-USDT	+0.0198%	4h	1.7977	+0.022%	—	$2.0M	—	as long as short
Lighter RAY	+0.0344%	1h	1.8009	+0.200%	$267K	$288K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0612%	4h	1.8001	+0.156%	$219K	$285K	10x	as long as short