Funding arb · Price arb /

RAY

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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 +0.164%

Price spread now: SunX against Variational Omni+0.219%45s7-day average +0.035% · you sell dearer than you buy

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

Long on Variational Omni Short on SunX

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 3 days (all we have)−0.436%−$44 · spread now +0.219%, 7d avg +0.035%

Together, before fees−0.273%+ Points / potential airdropVariational Omni: Active · farm board−$27 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: SunX is 0.184% dearer against Variational Omni than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.035%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.8403	0.0100	pay 0.0050% / 4h	2h 58m	$698K	$1.0M	—
Short	SunX RAY-USDT	1.8443	0.0100	get 0.0050% / 4h	2h 58m	—	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.219%Rate

Funding earned: $0
Price spread: +0.219% → +0.035%: $18.39
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: $10.39
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; SunX: live order book, 8 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	3.25 bp	doesn't fit	115.2 bp −$1,152	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	23.07 bp	41.8 bp −$42	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	−0.0047%	1h	1.8419	+0.090%	$108K	$432K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8365	−0.205%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.731%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8401	−0.010%	$13.8M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8386	−0.091%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8387	−0.086%	$591K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8397	−0.031%	$2.1M	$758K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8400	−0.015%	$2.6M	$3.4M	25x	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.8403	long leg	$698K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8374	−0.157%	$108K	$46K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDTshort	+0.0100%	4h	1.8443	+0.219%	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8420	+0.094%	$15K	$156K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8412	+0.050%	$260K	$853K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0291%	4h	1.8450	+0.257%	$257K	$230K	10x	as long as short
BingX RAY-USDT	+0.0488%	4h	1.8393	−0.053%	—	$2.0M	—	as long as short
Lighter RAY	+0.0760%	1h	1.8442	+0.213%	$330K	$236K	5x	as long as short