Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.144%

Price spread now: Injective against Variational Omni−8.215%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 8.215% cheaper against Variational Omni than usual: you would sell low and buy high (−$822 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.7898	0.0100	pay 0.0050% / 4h	3h 54m	$692K	$868K	—
Short	Injective RAY/USDC PERP	1.6428	0.0033	get 0.0004% / 1h	54m 43s	$266	$25	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now −8.215%Rate

Funding earned: −$14
Price spread: −8.215% → 0.000%: −$821.51
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$835.53
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 19 min ago; Injective: no order-book sample. 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 Variational Omni RFQ quote, 19 min ago	4.97 bp	doesn't fit	71.6 bp −$716	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Kraken Futures PF_RAYUSD	−0.2675%	1h	1.7941	+0.238%	$90K	$402K	10x	as long as short
MEXC RAY_USDT	−0.0371%	8h	1.7965	+0.372%	$12.5M	$2.4M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7952	+0.301%	$1K	—	150x	as long as short
Injective RAY/USDC PERPshort	+0.0033%	1h	1.6428	−8.215%	$266	$25	5.5x
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7962	+0.356%	$4.4M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7952	+0.300%	$578K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7963	+0.361%	$1.9M	$780K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7958	+0.333%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7964	+0.367%	—	$2.0M	—	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.7898	long leg	$692K	$868K	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7962	+0.358%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7972	+0.411%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7951	+0.294%	$13K	$91K	20x	as long as short
Lighter RAY	+0.0152%	1h	1.7975	+0.428%	$259K	$299K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7944	+0.255%	$252K	$917K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1386%	4h	1.8004	+0.590%	$323K	$400K	10x	as long as short