Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.150%

Price spread now: Variational Omni against Gate−0.017%7-day average +0.007% · you buy dearer than you sell

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

Long on Gate Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.164%−$16 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.017%, 7d avg +0.007%

Together, before fees−0.107%+ Points / potential airdropVariational Omni: Active · farm board−$11 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 0.024% cheaper against Gate than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RAY_USDT	1.7548	0.0100	pay 0.0050% / 4h	1h 36m	$549K	$1.2M	25x
Short	Variational Omni RAY	1.7545	0.0100	get 0.0050% / 4h	1h 36m	$650K	$891K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Gate. 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 GatebpFee Variational OmnibpOrdersPrice spread, now −0.017%Rate

Funding earned: $0
Price spread: −0.017% → +0.007%: −$2.41
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.41
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; Variational Omni: RFQ quote, 27 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 Gate live order book, 5 min ago	7.68 bp	77.2 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 27 min ago	5.86 bp	doesn't fit	72.9 bp −$729	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	1.7516	−0.183%	$3K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−6.382%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7549	+0.006%	$11.8M	$2.6M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7539	−0.051%	$4.2M	$12.9M	20x	as long as short
Gate RAY_USDTlong	+0.0100%	4h	1.7548	long leg	$549K	$1.2M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.7546	−0.011%	$1.9M	$822K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7551	+0.017%	$2.6M	$4.0M	25x	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7545	−0.017%	$650K	$891K	—
Bullet RAY-USD	+0.0100%	1h	1.7564	+0.089%	$66K	$28K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7561	+0.074%	—	$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	1.7563	+0.085%	$12K	$91K	20x	as long as short
Lighter RAY	+0.0136%	1h	1.7565	+0.097%	$243K	$314K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7550	+0.011%	$241K	$934K	20x	as long as short
BingX RAY-USDT	+0.0866%	4h	1.7544	−0.023%	—	$2.0M	—	as long as short
Kraken Futures PF_RAYUSD	+0.1350%	1h	1.7573	+0.144%	$86K	$379K	10x	as long as short
Orderly PERP_RAY_USDC	+0.2316%	4h	1.7595	+0.268%	$307K	$393K	10x	as long as short