Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0683%/8h= −74.8% APRpaid last 24h −0.003%

Price spread now: Variational Omni against Kraken Futures+0.239%7-day average −0.165% · you sell dearer than you buy

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.519%−$52 on $10k

Price spread, last 3 days (all we have)−0.388%−$39 · spread now +0.239%, 7d avg −0.165%

Together, before fees−0.907%+ Points / potential airdropVariational Omni: Active · farm board−$91 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.405% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.239% now, against its 7-day average of −0.165%): +$40 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_RAYUSD	1.7780	0.0783	pay 0.0098% / 1h	58m 09s	$89K	$450K	10x
Short	Variational Omni RAY	1.7823	0.0100	get 0.0050% / 4h	1h 58m	$697K	$985K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now +0.239%Rate

Funding earned: −$143.45
Price spread: +0.239% → −0.165%: $40.47
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$112.98
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 5 min ago; Variational Omni: RFQ quote, 26 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 Kraken Futures live order book, 5 min ago	36.15 bp	80.1 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 26 min ago	6.36 bp	doesn't fit	56.3 bp −$563	doesn't fit	doesn't fit

RAY on 15 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	1.7796	+0.088%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−7.606%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7760	−0.114%	$4.4M	$12.7M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7797	+0.094%	$557K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7790	+0.054%	$1.9M	$778K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7781	+0.004%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7786	+0.032%	—	$2.0M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7823	+0.239%	$697K	$985K	—
Bullet RAY-USD	+0.0100%	1h	1.7804	+0.134%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7817	+0.206%	—	$2.4M	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7796	+0.088%	$13K	$98K	20x	as long as short
Lighter RAY	+0.0176%	1h	1.7827	+0.262%	$263K	$283K	5x	as long as short
MEXC RAY_USDT	+0.0329%	8h	1.7789	+0.049%	$12.5M	$2.4M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0586%	4h	1.7807	+0.150%	$217K	$285K	10x	as long as short
Kraken Futures PF_RAYUSDlong	+0.0783%	1h	1.7780	long leg	$89K	$450K	10x