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 SunX−0.085%7-day average −0.039% · you buy dearer than you sell

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

Long on SunX 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)+0.077%+$8 · spread now −0.085%, 7d avg −0.039%

Together, before fees−0.087%+ Points / potential airdropVariational Omni: Active · farm board−$9 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 0.046% cheaper against SunX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8000	0.0100	pay 0.0050% / 4h	3h 43m	—	$2.6M	10x
Short	Variational Omni RAY	1.7985	0.0100	get 0.0050% / 4h	3h 43m	$703K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SunX. 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 SunXbpFee Variational OmnibpOrdersPrice spread, now −0.085%Rate

Funding earned: $0
Price spread: −0.085% → −0.039%: −$4.6
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.6
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 3 min ago; Variational Omni: RFQ quote, 5 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 SunX live order book, 3 min ago	45.84 bp	64.0 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.97 bp	doesn't fit	61.0 bp −$610	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	−0.1822%	1h	1.7938	−0.344%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7992	−0.046%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.733%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0064%	8h	1.7984	−0.089%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7988	−0.067%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7985	−0.083%	$560K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7988	−0.067%	$2.0M	$763K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7990	−0.056%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7994	−0.033%	—	$2.1M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7985	−0.085%	$703K	$1.0M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7982	−0.100%	$106K	$44K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8000	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.7993	−0.039%	$15K	$112K	20x	as long as short
Lighter RAY	+0.0120%	1h	1.8011	+0.061%	$274K	$278K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7993	−0.039%	$255K	$859K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0561%	4h	1.8000	0.000%	$250K	$242K	10x	as long as short