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 HTX−0.246%57s7-day average −0.011% · you buy dearer than you sell

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

Long on HTX 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 3 days (all we have)+0.157%+$16 · spread now −0.246%, 7d avg −0.011%

Together, before fees−0.007%+ Points / potential airdropVariational Omni: Active · farm board−$1 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 0.235% cheaper against HTX than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of −0.011%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX RAY-USDT	1.7973	0.0100	pay 0.0050% / 4h	2h 10m	$13K	$99K	20x
Short	Variational Omni RAY	1.7929	0.0100	get 0.0050% / 4h	2h 10m	$702K	$985K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against HTX. 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 HTXbpFee Variational OmnibpOrdersPrice spread, now −0.246%Rate

Funding earned: $0
Price spread: −0.246% → −0.011%: −$23.47
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$35.47
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 56 min ago; Variational Omni: RFQ quote, 14 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 HTX live order book, 56 min ago	49.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 14 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	1.7833	−0.780%	$1K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7802	−0.953%	$89K	$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	1.7823	−0.835%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7843	−0.723%	$559K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7858	−0.640%	$1.9M	$783K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7838	−0.751%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7929	−0.246%	$702K	$985K	—
Bullet RAY-USD	+0.0100%	1h	1.7843	−0.723%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7854	−0.662%	—	$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-USDTlong	+0.0100%	4h	1.7973	long leg	$13K	$99K	20x
BingX RAY-USDT	+0.0188%	4h	1.7833	−0.779%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0220%	8h	1.7853	−0.668%	$12.6M	$2.5M	100x	as long as short
Lighter RAY	+0.0352%	1h	1.7925	−0.267%	$265K	$288K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0608%	4h	1.7844	−0.718%	$217K	$285K	10x	as long as short