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 +0.158%

Price spread now: KuCoin against Variational Omni+0.857%7-day average +0.005% · you sell dearer than you buy

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

Long on Variational Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.158%+$16 on $10k

Price spread, last 7 days−0.946%−$95 · spread now +0.857%, 7d avg +0.005%

Together, before fees−0.788%+ Points / potential airdropVariational Omni: Active · farm board−$79 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: KuCoin is 0.852% dearer against Variational Omni than usual: you sell high and buy low, +$85 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	1.8317	0.0100	pay 0.0050% / 4h	1h 43m	$728K	$1.0M	—
Short	KuCoin RAYUSDTM	1.8474	0.0100	get 0.0050% / 4h	1h 43m	$2.0M	$771K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.857%Rate

Funding earned: $0
Price spread: +0.857% → +0.005%: $85.24
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $73.24
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; KuCoin: live order book, 3 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, 1 min ago	6.22 bp	doesn't fit	131.8 bp −$1,318	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	8.16 bp	62.7 bp −$63	341.8 bp −$3,418	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	−0.2281%	1h	1.8504	+1.020%	$99K	$456K	10x	as long as short
MEXC RAY_USDT	−0.0322%	8h	1.8497	+0.983%	$13.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8513	+1.069%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.313%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8505	+1.027%	$301K	$249K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8493	+0.961%	$4.6M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8524	+1.130%	$593K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.8474	+0.857%	$2.0M	$771K	50x
Bitget RAYUSDT	+0.0100%	4h	1.8475	+0.863%	$2.7M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8497	+0.983%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAYlong	+0.0100%	4h	1.8317	long leg	$728K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8516	+1.087%	$109K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8479	+0.885%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8470	+0.836%	$15K	$139K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8424	+0.584%	$257K	$868K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0450%	4h	1.8517	+1.092%	$256K	$250K	10x	as long as short