Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.272%

Price spread now: Variational Omni against Lighter+0.148%7-day average −0.183% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.539%−$54 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now +0.148%, 7d avg −0.183%

Together, before fees−0.493%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.331% dearer against Lighter than usual: you sell high and buy low (spread +0.148% now, against its 7-day average of −0.183%): +$33 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.8152	0.0416	pay 0.0052% / 1h	31m 57s	$288K	$255K	5x
Short	Variational Omni RAY	1.8179	0.0100	get 0.0050% / 4h	31m 57s	$722K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.148%Rate

Funding earned: −$66.36
Price spread: +0.148% → −0.183%: $33.12
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$33.24
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 29 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 Lighter live order book, 29 min ago	5.16 bp	15.7 bp −$16	107.6 bp −$1,076	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.55 bp	doesn't fit	69.6 bp −$696	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	−0.2429%	1h	1.8063	−0.492%	$95K	$437K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8118	−0.185%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.498%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8094	−0.320%	$4.6M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8117	−0.193%	$563K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8120	−0.176%	$2.0M	$751K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8102	−0.275%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8120	−0.176%	—	$2.0M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.8179	+0.148%	$722K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8127	−0.138%	$106K	$45K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8121	−0.171%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8097	−0.303%	$15K	$122K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8106	−0.253%	$259K	$854K	20x	as long as short
MEXC RAY_USDT	+0.0297%	8h	1.8123	−0.160%	$13.0M	$2.5M	100x	as long as short
Lighter RAYlong	+0.0416%	1h	1.8152	long leg	$288K	$255K	5x
Orderly PERP_RAY_USDC	+0.0603%	4h	1.8143	−0.050%	$251K	$247K	10x	as long as short