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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.158%

Price spread now: Variational Omni against KuCoin+0.139%7-day average −0.005% · you sell dearer than you buy

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

Long on KuCoin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.158%−$16 on $10k

Price spread, last 7 days−0.051%−$5 · spread now +0.139%, 7d avg −0.005%

Together, before fees−0.209%+ Points / potential airdropVariational Omni: Active · farm board−$21 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 0.144% dearer against KuCoin than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RAYUSDTM	1.8439	0.0100	pay 0.0050% / 4h	1h 22m	$2.0M	$762K	50x
Short	Variational Omni RAY	1.8465	0.0100	get 0.0050% / 4h	1h 22m	$734K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against KuCoin. 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 KuCoinbpFee Variational OmnibpOrdersPrice spread, now +0.139%Rate

Funding earned: $0
Price spread: +0.139% → −0.005%: $14.44
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $2.44
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	7.86 bp	72.3 bp −$72	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	6.23 bp	doesn't fit	72.8 bp −$728	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	−0.2291%	1h	1.8421	−0.097%	$99K	$443K	10x	as long as short
MEXC RAY_USDT	−0.0433%	8h	1.8446	+0.038%	$13.5M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8430	−0.051%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.906%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8478	+0.212%	$298K	$251K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8448	+0.049%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8432	−0.038%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTMlong	+0.0100%	4h	1.8439	long leg	$2.0M	$762K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8450	+0.060%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8450	+0.060%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAYshort	+0.0100%	4h	1.8465	+0.139%	$734K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8436	−0.016%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8423	−0.087%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8438	−0.005%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8395	−0.239%	$260K	$866K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0485%	4h	1.8447	+0.043%	$256K	$248K	10x	as long as short