Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.275%

Price spread now: Lighter against Variational Omni+0.040%7-day average +0.178% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.554%+$55 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now +0.040%, 7d avg +0.178%

Together, before fees+0.701%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$70 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: Lighter is 0.139% cheaper against Variational Omni than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.178%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.7842	0.0100	pay 0.0050% / 4h	3h 13m	$692K	$866K	—
Short	Lighter RAY	1.7849	0.0096	get 0.0012% / 1h	13m 23s	$254K	$304K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$0.84
Price spread: +0.040% → +0.178%: −$13.85
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$14.69
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 61 min ago; Lighter: live order book, 22 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, 61 min ago	4.97 bp	doesn't fit	71.6 bp −$716	doesn't fit	doesn't fit
Sell Lighter live order book, 22 min ago	4.47 bp	31.1 bp −$31	125.0 bp −$1,250	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	−0.2692%	1h	1.7829	−0.074%	$89K	$393K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7830	−0.067%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.924%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7833	−0.050%	$12.3M	$2.5M	100x	as long as short
Lighter RAYshort	+0.0096%	1h	1.7849	+0.040%	$254K	$304K	5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7818	−0.134%	$4.3M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7851	+0.051%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7836	−0.033%	$1.9M	$785K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7832	−0.055%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7844	+0.012%	—	$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	1.7842	long leg	$692K	$866K	—
Bullet RAY-USD	+0.0100%	1h	1.7825	−0.094%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7825	−0.095%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7843	+0.006%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7815	−0.151%	$248K	$930K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1619%	4h	1.7858	+0.090%	$320K	$400K	10x	as long as short