Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.100%

Price spread now: MEXC against Variational Omni−0.037%7-day average +0.023% · you buy dearer than you sell

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

Long on Variational Omni Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.201%+$20 on $10k

Price spread, last 7 days+0.039%+$4 · spread now −0.037%, 7d avg +0.023%

Together, before fees+0.240%+ Points / potential airdropVariational Omni: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.060% cheaper against Variational Omni than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.023%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.201%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.7995	0.0100	pay 0.0050% / 4h	2h 53m	$706K	$1.0M	—
Short	MEXC RAY_USDT	1.7988	0.0050	get 0.0050% / 8h	6h 53m	$12.7M	$2.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$10.5
Price spread: −0.037% → +0.023%: −$6.02
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$20.52
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, just now; MEXC: 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, just now	5.51 bp	doesn't fit	66.5 bp −$665	doesn't fit	doesn't fit
Sell MEXC live order book, 9 min ago	3.55 bp	8.8 bp −$9	54.7 bp −$547	105.6 bp −$10.6K	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7943	−0.286%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.8024	+0.162%	$89K	$449K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.707%	$266	$25	5.5x	as long as short
MEXC RAY_USDTshort	+0.0050%	8h	1.7988	−0.037%	$12.7M	$2.5M	100x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7971	−0.132%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7946	−0.271%	$555K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7978	−0.093%	$1.9M	$769K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7984	−0.060%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7976	−0.104%	—	$2.0M	—	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.7995	long leg	$706K	$1.0M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7957	−0.210%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7914	−0.449%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7970	−0.137%	$13K	$107K	20x	as long as short
Lighter RAY	+0.0208%	1h	1.7989	−0.032%	$268K	$281K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7978	−0.093%	$260K	$870K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0580%	4h	1.7995	+0.002%	$253K	$249K	10x	as long as short