Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.164%

Price spread now: Variational Omni against Bitget−0.244%7-day average −0.024% · you buy dearer than you sell

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

Long on Bitget Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.164%−$16 on $10k

Price spread, last 7 days+0.236%+$24 · spread now −0.244%, 7d avg −0.024%

Together, before fees+0.073%+ Points / potential airdropVariational Omni: Active · farm board+$7 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 0.220% cheaper against Bitget than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RAYUSDT	1.8556	0.0100	pay 0.0050% / 4h	3h 13m	$2.7M	$3.7M	25x
Short	Variational Omni RAY	1.8511	0.0100	get 0.0050% / 4h	3h 13m	$725K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bitget. 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 BitgetbpFee Variational OmnibpOrdersPrice spread, now −0.244%Rate

Funding earned: $0
Price spread: −0.244% → −0.024%: −$22.04
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$34.04
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 4 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 Bitget live order book, 4 min ago	4.32 bp	18.4 bp −$18	66.2 bp −$662	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	3.80 bp	doesn't fit	54.2 bp −$542	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	−0.1754%	1h	1.8635	+0.424%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8553	−0.017%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.468%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.8564	+0.043%	$13.1M	$2.5M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8548	−0.043%	$4.7M	$13.5M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8552	−0.022%	$568K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8558	+0.011%	$2.0M	$770K	50x	as long as short
Bitget RAYUSDTlong	+0.0100%	4h	1.8556	long leg	$2.7M	$3.7M	25x
Variational Omni RAYshort	+0.0100%	4h	1.8511	−0.244%	$725K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8572	+0.086%	$70K	$66K	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	1.8565	+0.049%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8555	−0.005%	$13K	$110K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8554	−0.011%	$256K	$886K	20x	as long as short
Lighter RAY	+0.0496%	1h	1.8596	+0.216%	$278K	$284K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0570%	4h	1.8586	+0.162%	$264K	$247K	10x	as long as short
BingX RAY-USDT	+0.0618%	4h	1.8560	+0.022%	—	$2.0M	—	as long as short