Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.082%

Price spread now: Variational Omni against MEXC−0.145%7-day average −0.020% · you buy dearer than you sell

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

Long on MEXC Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.183%−$18 on $10k

Price spread, last 7 days+0.179%+$18 · spread now −0.145%, 7d avg −0.020%

Together, before fees−0.005%+ Points / potential airdropVariational Omni: Active · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.125% cheaper against MEXC than usual: you would sell low and buy high (spread −0.145% now, against its 7-day average of −0.020%). If the spread goes back, that is −$12 on $10k: about 8.3 days of funding at the current rate (+$2 a day). Mind the row above: over the last 3 days funding on this pair cost −0.183%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC RAY_USDT	1.8456	0.0050	pay 0.0050% / 8h	1h 19m	$13.5M	$2.5M	100x
Short	Variational Omni RAY	1.8429	0.0100	get 0.0050% / 4h	1h 19m	$732K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against MEXC. 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 MEXCbpFee Variational OmnibpOrdersPrice spread, now −0.145%Rate

Funding earned: $10.5
Price spread: −0.145% → −0.020%: −$12.49
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$5.99
Costs to cover: 0.040%
Break-even: 11.0 days

Slippage unknown: MEXC: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 MEXC live order book, 4 min ago	2.99 bp	9.9 bp −$10	45.1 bp −$451	119.0 bp −$11.9K	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.23 bp	doesn't fit	72.8 bp −$728	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	−0.2294%	1h	1.8401	−0.297%	$99K	$438K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8414	−0.228%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−10.988%	$266	$25	5.5x	as long as short
MEXC RAY_USDTlong	+0.0050%	8h	1.8456	long leg	$13.5M	$2.5M	100x
Lighter RAY	+0.0096%	1h	1.8459	+0.016%	$298K	$251K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8445	−0.060%	$4.6M	$13.3M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8415	−0.222%	$574K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8436	−0.108%	$2.0M	$762K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8450	−0.033%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8423	−0.179%	—	$2.0M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RAYshort	+0.0100%	4h	1.8429	−0.145%	$732K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8405	−0.279%	$108K	$47K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8423	−0.179%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8416	−0.217%	$15K	$134K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8427	−0.157%	$261K	$868K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0490%	4h	1.8414	−0.228%	$255K	$248K	10x	as long as short