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% APRpaid last 24h −0.130%

Price spread now: Variational Omni against OKX+0.206%7-day average +0.006% · you sell dearer than you buy

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.125%−$12 on $10k

Price spread, last 7 days−0.121%−$12 · spread now +0.206%, 7d avg +0.006%

Together, before fees−0.246%+ Points / potential airdropVariational Omni: Active · farm board−$25 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 0.199% dearer against OKX than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RAY-USDT-SWAP	1.8365	0.0100	pay 0.0100% / 8h	2h 57m	$4.6M	$13.3M	20x
Short	Variational Omni RAY	1.8403	0.0100	get 0.0050% / 4h	2h 57m	$698K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 OKXbpFee Variational OmnibpOrdersPrice spread, now +0.206%Rate

Funding earned: $0
Price spread: +0.206% → +0.006%: $19.95
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $9.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 1 min ago; 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 OKX live order book, 1 min ago	1.63 bp	28.2 bp −$28	166.8 bp −$1,668	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	3.25 bp	doesn't fit	71.5 bp −$715	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	−0.0047%	1h	1.8309	−0.305%	$108K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8365	+0.001%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.547%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.8365	long leg	$4.6M	$13.3M	20x
Gate RAY_USDT	+0.0100%	4h	1.8344	−0.114%	$590K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8356	−0.049%	$2.1M	$758K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8366	+0.005%	$2.6M	$3.3M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.8403	+0.206%	$698K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8374	+0.049%	$108K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8386	+0.114%	—	$2.6M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.8347	−0.098%	$15K	$155K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8412	+0.256%	$260K	$853K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0294%	4h	1.8390	+0.136%	$256K	$230K	10x	as long as short
MEXC RAY_USDT	+0.0424%	8h	1.8362	−0.016%	$13.8M	$2.4M	100x	as long as short
BingX RAY-USDT	+0.0488%	4h	1.8357	−0.044%	—	$2.0M	—	as long as short
Lighter RAY	+0.0664%	1h	1.8400	+0.191%	$329K	$236K	5x	as long as short