Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.275%

Price spread now: Variational Omni against Lighter+0.117%7-day average −0.178% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.554%−$55 on $10k

Price spread, last 4 days (all we have)−0.304%−$30 · spread now +0.117%, 7d avg −0.178%

Together, before fees−0.858%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.295% dearer against Lighter than usual: you sell high and buy low (spread +0.117% now, against its 7-day average of −0.178%): +$30 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 19 days. At the pace of the last 4 days (−0.554% in total) that is about 45 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RAY	1.7886	0.0152	pay 0.0019% / 1h	49m 54s	$257K	$300K	5x
Short	Variational Omni RAY	1.7907	0.0100	get 0.0050% / 4h	3h 49m	$694K	$868K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.117%Rate

Funding earned: −$10.92
Price spread: +0.117% → −0.178%: $29.51
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $18.59
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 50 min ago; Variational Omni: RFQ quote, 24 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 Lighter live order book, 50 min ago	6.37 bp	49.2 bp −$49	133.1 bp −$1,331	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 24 min ago	4.97 bp	doesn't fit	65.0 bp −$650	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	−0.2694%	1h	1.7819	−0.376%	$90K	$402K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7859	−0.150%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.152%	$266	$25	5.5x	as long as short
MEXC RAY_USDT	+0.0050%	8h	1.7853	−0.185%	$12.4M	$2.4M	100x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7850	−0.201%	$4.3M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7865	−0.117%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7855	−0.173%	$1.9M	$780K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7862	−0.134%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7863	−0.129%	—	$2.0M	—	as long as short
Variational Omni RAYshort	+0.0100%	4h	1.7907	+0.117%	$694K	$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	1.7864	−0.123%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7871	−0.084%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7872	−0.078%	$13K	$91K	20x	as long as short
Lighter RAYlong	+0.0152%	1h	1.7886	long leg	$257K	$300K	5x
BloFin RAY-USDT	+0.0220%	8h	1.7891	+0.028%	$251K	$914K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1429%	4h	1.7901	+0.084%	$321K	$400K	10x	as long as short