Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.162%

Price spread now: Variational Omni against BloFin−0.036%101s7-day average +0.002% · you buy dearer than you sell

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

Long on BloFin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.217%−$22 on $10k

Price spread, last 3 days (all we have)−0.105%−$10 · spread now −0.036%, 7d avg +0.002%

Together, before fees−0.322%+ Points / potential airdropVariational Omni: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.038% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.002%). Swap the legs. The two prices were read 101 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	BloFin RAY-USDT	1.7986	0.0220	pay 0.0220% / 8h	7h 55m	$254K	$852K	20x
Short	Variational Omni RAY	1.7980	0.0100	get 0.0050% / 4h	3h 55m	$704K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against BloFin. 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 BloFinbpFee Variational OmnibpOrdersPrice spread, now −0.036%Rate

Funding earned: −$25.2
Price spread: −0.036% → +0.002%: −$3.76
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$40.96
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 16 min ago; Variational Omni: RFQ quote, 4 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 BloFin live order book, 16 min ago	0.55 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.34 bp	doesn't fit	47.7 bp −$477	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	−0.1815%	1h	1.8008	+0.124%	$95K	$434K	10x	as long as short
Gate RAY_USDT	−0.0376%	4h	1.7948	−0.211%	$559K	$1.1M	25x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7983	−0.014%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.662%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7935	−0.284%	$12.7M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7930	−0.311%	$4.5M	$13.1M	20x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7957	−0.161%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7930	−0.311%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7980	−0.036%	$704K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.7966	−0.111%	$106K	$44K	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	1.7967	−0.106%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7984	−0.011%	$15K	$114K	20x	as long as short
Lighter RAY	+0.0120%	1h	1.7952	−0.189%	$274K	$277K	5x	as long as short
BingX RAY-USDT	+0.0150%	4h	1.7957	−0.161%	—	$2.1M	—	as long as short
BloFin RAY-USDTlong	+0.0220%	8h	1.7986	long leg	$254K	$852K	20x
Orderly PERP_RAY_USDC	+0.0579%	4h	1.7996	+0.056%	$250K	$242K	10x	as long as short