Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.127%

Price spread now: Variational Omni against OKX+0.119%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 OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.125%−$12 on $10k

Price spread, last 7 days−0.116%−$12 · spread now +0.119%, 7d avg +0.004%

Together, before fees−0.241%+ Points / potential airdropVariational Omni: Active · farm board−$24 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 0.115% dearer against OKX than usual: you sell high and buy low, +$12 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	OKX RAY-USDT-SWAP	1.7423	0.0100	pay 0.0100% / 8h	2h 34m	$4.2M	$12.9M	20x
Short	Variational Omni RAY	1.7444	0.0100	get 0.0050% / 4h	2h 34m	$671K	$870K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against OKX. 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 OKXbpFee Variational OmnibpOrdersPrice spread, now +0.119%Rate

Funding earned: $0
Price spread: +0.119% → +0.004%: $11.53
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $1.53
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: OKX: live order book, 4 min ago; Variational Omni: RFQ quote, 35 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 OKX live order book, 4 min ago	2.59 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 35 min ago	5.83 bp	doesn't fit	85.1 bp −$851	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	−0.1583%	1h	1.7467	+0.255%	$86K	$397K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7427	+0.022%	$431	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−5.711%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPlong	+0.0100%	8h	1.7423	long leg	$4.2M	$12.9M	20x
Gate RAY_USDT	+0.0100%	4h	1.7446	+0.132%	$544K	$1.2M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7441	+0.103%	$1.9M	$831K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7425	+0.011%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7444	+0.119%	$671K	$870K	—
Bullet RAY-USD	+0.0100%	1h	1.7436	+0.076%	$65K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7440	+0.098%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7456	+0.189%	$13K	$91K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7496	+0.419%	$247K	$932K	20x	as long as short
Lighter RAY	+0.0512%	1h	1.7453	+0.172%	$246K	$309K	5x	as long as short
MEXC RAY_USDT	+0.0711%	8h	1.7435	+0.069%	$11.8M	$2.5M	100x	as long as short
BingX RAY-USDT	+0.0728%	4h	1.7425	+0.011%	—	$2.0M	—	as long as short
Orderly PERP_RAY_USDC	+0.1871%	4h	1.7466	+0.247%	$313K	$391K	10x	as long as short