Funding arb · Price arb /

RAY

all RAY markets

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 +0.196%

Price spread now: BingX against Variational Omni−0.093%7-day average +0.005% · you buy dearer than you sell

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

Long on Variational Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.306%+$31 on $10k

Price spread, last 7 days−0.006%−$1 · spread now −0.093%, 7d avg +0.005%

Together, before fees+0.301%+ Points / potential airdropVariational Omni: Active · farm board+$30 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: BingX is 0.098% cheaper against Variational Omni than usual: you would sell low and buy high, −$10 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	Variational Omni RAY	1.8368	0.0100	pay 0.0050% / 4h	1h 00m	$728K	$1.0M	—
Short	BingX RAY-USDT	1.8351	0.0100	get 0.0050% / 4h	1h 00m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Variational Omni. 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 Variational OmnibpFee BingXbpOrdersPrice spread, now −0.093%Rate

Funding earned: $0
Price spread: −0.093% → +0.005%: −$9.77
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$19.77
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; BingX: live order book, 11 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 Variational Omni RFQ quote, 3 min ago	5.45 bp	doesn't fit	129.0 bp −$1,290	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	2.99 bp	14.8 bp −$15	34.1 bp −$341	275.1 bp −$27.5K	647.3 bp −$323.6K

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	−0.2306%	1h	1.8302	−0.359%	$96K	$441K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8321	−0.257%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.562%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8357	−0.060%	$13.3M	$2.6M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8350	−0.098%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8347	−0.114%	$572K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8358	−0.055%	$2.0M	$742K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8362	−0.033%	$2.7M	$3.6M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.8351	−0.093%	—	$2.0M	—
Variational Omni RAYlong	+0.0100%	4h	1.8368	long leg	$728K	$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	1.8325	−0.234%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8326	−0.229%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8323	−0.245%	$15K	$130K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8307	−0.332%	$259K	$863K	20x	as long as short
Lighter RAY	+0.0240%	1h	1.8370	+0.011%	$294K	$257K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0549%	4h	1.8356	−0.065%	$254K	$248K	10x	as long as short