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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.164%

Price spread now: Bitget against Variational Omni−0.267%7-day average +0.021% · you buy dearer than you sell

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

Long on Variational Omni Short on Bitget

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 7 days+0.220%+$22 · spread now −0.267%, 7d avg +0.021%

Together, before fees+0.384%+ Points / potential airdropVariational Omni: Active · farm board+$38 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: Bitget is 0.288% cheaper against Variational Omni than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of +0.021%.

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 02m	$728K	$1.0M	—
Short	Bitget RAYUSDT	1.8319	0.0100	get 0.0050% / 4h	1h 02m	$2.6M	$3.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Variational Omni. 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 Variational OmnibpFee BitgetbpOrdersPrice spread, now −0.267%Rate

Funding earned: $0
Price spread: −0.267% → +0.021%: −$28.83
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$40.83
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Bitget: live order book, just now. 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, 2 min ago	5.45 bp	doesn't fit	129.0 bp −$1,290	doesn't fit	doesn't fit
Sell Bitget live order book, just now	3.00 bp	18.7 bp −$19	169.6 bp −$1,696	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	−0.2302%	1h	1.8332	−0.194%	$97K	$441K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8314	−0.296%	$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
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8320	−0.261%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8317	−0.278%	$571K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8325	−0.234%	$2.0M	$742K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.8319	−0.267%	$2.6M	$3.5M	25x
BingX RAY-USDT	+0.0100%	4h	1.8323	−0.245%	—	$2.0M	—	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.8368	long leg	$728K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8325	−0.234%	$108K	$47K	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	1.8339	−0.158%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8319	−0.267%	$15K	$130K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8308	−0.327%	$259K	$863K	20x	as long as short
Lighter RAY	+0.0224%	1h	1.8342	−0.142%	$294K	$257K	5x	as long as short
MEXC RAY_USDT	+0.0300%	8h	1.8324	−0.240%	$13.3M	$2.6M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0542%	4h	1.8337	−0.169%	$254K	$248K	10x	as long as short