RAY

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0307%/8h= −33.6% APRnext payment −$1.53 per $10,000 · paid last 24h −0.164%

Price spread now: Variational Omni against Orderly+0.001%7-day average −0.069% · you sell dearer than you buy

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

Long on Orderly Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.212%−$21 on $10k

Price spread, last 3 days (all we have)−0.226%−$23 · spread now +0.001%, 7d avg −0.069%

Together, before fees−0.438%+ Points / potential airdropVariational Omni: Active · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.070% dearer against Orderly than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.069%): +$7 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_RAY_USDC	1.8223	0.0407	pay 0.0203% / 4h	2h 14m	$252K	$250K	10x
Short	Variational Omni RAY	1.8223	0.0100	get 0.0050% / 4h	2h 14m	$716K	$1.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Orderly. 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 OrderlybpFee Variational OmnibpOrdersPrice spread, now +0.001%Rate

Funding earned: −$64.41
Price spread: +0.001% → −0.069%: $7.02
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$63.38
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Variational Omni: RFQ quote, 5 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 Orderly no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	5.73 bp	doesn't fit	79.0 bp −$790	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
MEXC RAY_USDT	−0.0065%	8h	1.8205	−0.099%	$13.5M	$2.5M	100x	as long as short
Kraken Futures PF_RAYUSD	−0.0047%	1h	1.8191	−0.177%	$107K	$433K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8210	−0.072%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.850%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8204	−0.104%	$4.6M	$13.2M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8199	−0.132%	$578K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8217	−0.033%	$2.0M	$761K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8218	−0.027%	$2.6M	$3.4M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8212	−0.060%	—	$2.0M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.8223	+0.001%	$716K	$1.1M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.8206	−0.093%	$107K	$46K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8210	−0.071%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8220	−0.016%	$15K	$146K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8205	−0.099%	$256K	$851K	20x	as long as short
Orderly PERP_RAY_USDClong	+0.0407%	4h	1.8223	long leg	$252K	$250K	10x
Lighter RAY	+0.0600%	1h	1.8245	+0.121%	$300K	$266K	5x	as long as short