Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.133%

Price spread now: Bullet against Variational Omni−0.137%7-day average +0.048% · you buy dearer than you sell

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

Long on Variational Omni Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.139%+$14 on $10k

Price spread, last 3 days (all we have)+0.406%+$41 · spread now −0.137%, 7d avg +0.048%

Together, before fees+0.545%+ Points / potential airdropVariational Omni: Active · farm board+$54 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: Bullet is 0.185% cheaper against Variational Omni than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of +0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.8223	0.0100	pay 0.0050% / 4h	2h 14m	$716K	$1.1M	—
Short	Bullet RAY-USD	1.8198	0.0100	get 0.0013% / 1h	14m 56s	$107K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.137%Rate

Funding earned: $0
Price spread: −0.137% → +0.048%: −$18.53
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$26.53
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Bullet: live order book, 9 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, 4 min ago	5.73 bp	doesn't fit	122.7 bp −$1,227	doesn't fit	doesn't fit
Sell Bullet live order book, 9 min ago	1.64 bp	7.3 bp −$7	11.8 bp −$118	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	1.8187	−0.201%	$107K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8201	−0.123%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0013%	8h	1.8203	−0.111%	$13.5M	$2.5M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.851%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8184	−0.215%	$4.6M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8192	−0.171%	$577K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8210	−0.072%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8201	−0.122%	$2.6M	$3.3M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8198	−0.138%	—	$2.0M	—	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.8223	long leg	$716K	$1.1M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USDshort	+0.0100%	1h	1.8198	−0.137%	$107K	$46K	10x
SunX RAY-USDT	+0.0100%	4h	1.8204	−0.105%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8220	−0.017%	$15K	$146K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8205	−0.100%	$256K	$851K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0406%	4h	1.8214	−0.050%	$252K	$250K	10x	as long as short
Lighter RAY	+0.0608%	1h	1.8234	+0.059%	$300K	$266K	5x	as long as short