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: Gate against Variational Omni+0.702%7-day average −0.006% · you sell dearer than you buy

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

Long on Variational Omni Short on Gate

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−0.750%−$75 · spread now +0.702%, 7d avg −0.006%

Together, before fees−0.586%+ Points / potential airdropVariational Omni: Active · farm board−$59 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: Gate is 0.709% dearer against Variational Omni than usual: you sell high and buy low, +$71 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.7960	0.0100	pay 0.0050% / 4h	32m 18s	$702K	$887K	—
Short	Gate RAY_USDT	1.8086	0.0100	get 0.0050% / 4h	32m 18s	$581K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.702%Rate

Funding earned: $0
Price spread: +0.702% → −0.006%: $70.86
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $55.86
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 47 min ago; Gate: live order book, 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 Variational Omni RFQ quote, 47 min ago	6.01 bp	doesn't fit	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	6.38 bp	45.0 bp −$45	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	−0.3784%	1h	1.8061	+0.565%	$91K	$435K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8078	+0.660%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0004%	8h	1.8083	+0.686%	$12.5M	$2.4M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.529%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8076	+0.647%	$4.5M	$12.9M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.8086	+0.702%	$581K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8071	+0.619%	$1.9M	$783K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8087	+0.708%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8099	+0.775%	—	$2.0M	—	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.7960	long leg	$702K	$887K	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8099	+0.773%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8092	+0.736%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8077	+0.652%	$13K	$90K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8067	+0.597%	$253K	$937K	20x	as long as short
Lighter RAY	+0.0376%	1h	1.8123	+0.908%	$263K	$309K	5x	as long as short
Orderly PERP_RAY_USDC	+0.1047%	4h	1.8134	+0.970%	$325K	$400K	10x	as long as short