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% APRpaid last 24h +0.140%

Price spread now: OKX against Variational Omni+0.029%7-day average −0.004% · you sell dearer than you buy

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

Long on Variational Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.130%+$13 on $10k

Price spread, last 7 days−0.064%−$6 · spread now +0.029%, 7d avg −0.004%

Together, before fees+0.066%+ Points / potential airdropVariational Omni: Active · farm board+$7 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: OKX is 0.033% dearer against Variational Omni than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.7985	0.0100	pay 0.0050% / 4h	3h 42m	$703K	$1.0M	—
Short	OKX RAY-USDT-SWAP	1.7990	0.0100	get 0.0100% / 8h	7h 42m	$4.5M	$13.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → −0.004%: $3.3
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$6.7
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; OKX: live order book, 1 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, 2 min ago	4.94 bp	doesn't fit	93.2 bp −$932	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.56 bp	32.2 bp −$32	166.6 bp −$1,666	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	−0.1821%	1h	1.7954	−0.171%	$95K	$434K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8013	+0.155%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.656%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7997	+0.068%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.7990	+0.029%	$4.5M	$13.1M	20x
Gate RAY_USDT	+0.0100%	4h	1.8004	+0.107%	$561K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8003	+0.102%	$2.0M	$763K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8004	+0.107%	$2.6M	$3.6M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8005	+0.113%	—	$2.0M	—	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.7985	long leg	$703K	$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	1.8020	+0.196%	$106K	$44K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8002	+0.096%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7989	+0.024%	$15K	$112K	20x	as long as short
Lighter RAY	+0.0152%	1h	1.8012	+0.152%	$274K	$278K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7994	+0.052%	$255K	$859K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0559%	4h	1.8043	+0.324%	$250K	$242K	10x	as long as short