Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.100%

Price spread now: Variational Omni against MEXC−0.198%7-day average −0.023% · you buy dearer than you sell

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

Long on MEXC Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.201%−$20 on $10k

Price spread, last 7 days+0.196%+$20 · spread now −0.198%, 7d avg −0.023%

Together, before fees−0.005%+ Points / potential airdropVariational Omni: Active · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.175% cheaper against MEXC than usual: you would sell low and buy high (spread −0.198% now, against its 7-day average of −0.023%). If the spread goes back, that is −$17 on $10k: about 12 days of funding at the current rate (+$2 a day). Mind the row above: over the last 3 days funding on this pair cost −0.201%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8501	0.0050	pay 0.0050% / 8h	7h 18m	$13.1M	$2.5M	100x
Short	Variational Omni RAY	1.8464	0.0100	get 0.0050% / 4h	3h 18m	$723K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against MEXC. 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 MEXCbpFee Variational OmnibpOrdersPrice spread, now −0.198%Rate

Funding earned: $10.5
Price spread: −0.198% → −0.023%: −$17.47
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$10.97
Costs to cover: 0.040%
Break-even: 14.3 days

Slippage unknown: MEXC: live order book, just now; Variational Omni: RFQ quote, 1 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 MEXC live order book, just now	3.51 bp	8.2 bp −$8	47.9 bp −$479	114.4 bp −$11.4K	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.82 bp	doesn't fit	52.0 bp −$520	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	−0.1762%	1h	1.8556	+0.298%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8459	−0.229%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.205%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.8501	long leg	$13.1M	$2.5M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8483	−0.097%	$4.7M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8475	−0.141%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8470	−0.168%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8504	+0.016%	$2.7M	$3.7M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.8464	−0.198%	$723K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8450	−0.276%	$108K	$44K	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	1.8478	−0.124%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8453	−0.259%	$13K	$111K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8424	−0.416%	$255K	$880K	20x	as long as short
Lighter RAY	+0.0440%	1h	1.8505	+0.022%	$277K	$283K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0559%	4h	1.8485	−0.086%	$260K	$245K	10x	as long as short
BingX RAY-USDT	+0.0584%	4h	1.8502	+0.005%	—	$2.0M	—	as long as short