Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.164%

Price spread now: BloFin against Variational Omni+0.427%71s7-day average −0.010% · you sell dearer than you buy

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

Long on Variational Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.229%+$23 on $10k

Price spread, last 4 days (all we have)−0.287%−$29 · spread now +0.427%, 7d avg −0.010%

Together, before fees−0.058%+ Points / potential airdropVariational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.437% dearer against Variational Omni than usual: you sell high and buy low: +$44 more if the spread goes back to its 7-day average of −0.010%. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.7319	0.0100	pay 0.0050% / 4h	2h 41m	$668K	$869K	—
Short	BloFin RAY-USDT	1.7393	0.0220	get 0.0220% / 8h	2h 41m	$248K	$916K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.427%Rate

Funding earned: $25.2
Price spread: +0.427% → −0.010%: $43.71
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $56.91
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 27 min ago; BloFin: live order book, 50 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, 27 min ago	5.83 bp	doesn't fit	84.1 bp −$841	doesn't fit	doesn't fit
Sell BloFin live order book, 50 min ago	1.67 bp	27.6 bp −$28	doesn't fit	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	−0.1584%	1h	1.7452	+0.770%	$86K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7385	+0.383%	$430	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.144%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7404	+0.491%	$11.8M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7397	+0.451%	$4.2M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7410	+0.526%	$545K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7397	+0.451%	$1.9M	$830K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7402	+0.479%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.7319	long leg	$668K	$869K	—
Bullet RAY-USD	+0.0100%	1h	1.7399	+0.462%	$65K	$66K	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	1.7395	+0.439%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7404	+0.491%	$13K	$91K	20x	as long as short
BloFin RAY-USDTshort	+0.0220%	8h	1.7393	+0.427%	$248K	$916K	20x
Lighter RAY	+0.0488%	1h	1.7415	+0.554%	$246K	$308K	5x	as long as short
BingX RAY-USDT	+0.0600%	4h	1.7393	+0.427%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.1814%	4h	1.7436	+0.676%	$312K	$391K	10x	as long as short