Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0155%/8h= −17.0% APRpaid last 24h −0.100%

Price spread now: Variational Omni against MEXC−0.158%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 MEXC Short on Variational Omni

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+0.142%+$14 · spread now −0.158%, 7d avg −0.023%

Together, before fees−0.059%+ Points / potential airdropVariational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.135% cheaper against MEXC than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.7940	0.0255	pay 0.0255% / 8h	6h 43m	$12.7M	$2.5M	100x
Short	Variational Omni RAY	1.7912	0.0100	get 0.0050% / 4h	2h 43m	$702K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against MEXC. 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 MEXCbpFee Variational OmnibpOrdersPrice spread, now −0.158%Rate

Funding earned: −$32.55
Price spread: −0.158% → −0.023%: −$13.49
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$50.04
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 9 min ago; Variational Omni: RFQ quote, just now. 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 MEXC live order book, 9 min ago	3.05 bp	7.7 bp −$8	42.2 bp −$422	114.5 bp −$11.5K	doesn't fit
Sell Variational Omni RFQ quote, just now	5.80 bp	doesn't fit	62.0 bp −$620	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	1.7913	−0.152%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7981	+0.228%	$89K	$445K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.428%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7963	+0.128%	$267K	$283K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7920	−0.111%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7896	−0.245%	$556K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7907	−0.184%	$1.9M	$767K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7936	−0.022%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7921	−0.106%	—	$2.0M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7912	−0.158%	$702K	$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	1.7899	−0.228%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7906	−0.190%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7886	−0.301%	$13K	$106K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7974	+0.190%	$261K	$870K	20x	as long as short
MEXC RAY_USDTlong	+0.0255%	8h	1.7940	long leg	$12.7M	$2.5M	100x
Orderly PERP_RAY_USDC	+0.0583%	4h	1.7949	+0.050%	$253K	$248K	10x	as long as short