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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.164%

Price spread now: Variational Omni against Bitget+0.213%7-day average −0.024% · you sell dearer than you buy

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

Long on Bitget Short on Variational Omni

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 7 days−0.237%−$24 · spread now +0.213%, 7d avg −0.024%

Together, before fees−0.401%+ Points / potential airdropVariational Omni: Active · farm board−$40 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: Variational Omni is 0.237% dearer against Bitget than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.7862	0.0100	pay 0.0050% / 4h	1h 38m	$2.6M	$3.7M	25x
Short	Variational Omni RAY	1.7900	0.0100	get 0.0050% / 4h	1h 38m	$699K	$978K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bitget. 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 BitgetbpFee Variational OmnibpOrdersPrice spread, now +0.213%Rate

Funding earned: $0
Price spread: +0.213% → −0.024%: $23.66
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $11.66
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 5 min ago; Variational Omni: RFQ quote, 46 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 Bitget live order book, 5 min ago	3.07 bp	18.4 bp −$18	72.5 bp −$725	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 46 min ago	6.36 bp	doesn't fit	56.3 bp −$563	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7865	+0.018%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.028%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7864	+0.011%	$12.5M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7843	−0.106%	$4.4M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7871	+0.050%	$554K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7878	+0.090%	$1.9M	$775K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.7862	long leg	$2.6M	$3.7M	25x
BingX RAY-USDT	+0.0100%	4h	1.7874	+0.067%	—	$2.0M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7900	+0.213%	$699K	$978K	—
Bullet RAY-USD	+0.0100%	1h	1.7867	+0.028%	$67K	$66K	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-USDT	+0.0100%	4h	1.7882	+0.112%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7862	0.000%	$13K	$93K	20x	as long as short
Lighter RAY	+0.0200%	1h	1.7891	+0.162%	$263K	$285K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7884	+0.123%	$253K	$863K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0567%	4h	1.7882	+0.112%	$280K	$352K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0783%	1h	1.7779	−0.463%	$88K	$452K	10x	as long as short