Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Variational Omni against SunX+0.293%7-day average −0.036% · you sell dearer than you buy

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

Long on SunX 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 3 days (all we have)−0.164%−$16 · spread now +0.293%, 7d avg −0.036%

Together, before fees−0.328%+ Points / potential airdropVariational Omni: Active · farm board−$33 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 0.330% dearer against SunX than usual: you sell high and buy low, +$33 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX RAY-USDT	1.8538	0.0100	pay 0.0050% / 4h	1h 33m	—	$2.6M	10x
Short	Variational Omni RAY	1.8592	0.0100	get 0.0050% / 4h	1h 33m	$734K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SunX. 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 SunXbpFee Variational OmnibpOrdersPrice spread, now +0.293%Rate

Funding earned: $0
Price spread: +0.293% → −0.036%: $32.97
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $24.97
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 3 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 SunX live order book, 3 min ago	44.98 bp	63.5 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	5.96 bp	doesn't fit	82.6 bp −$826	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	−0.2278%	1h	1.8532	−0.033%	$100K	$448K	10x	as long as short
MEXC RAY_USDT	−0.0311%	8h	1.8529	−0.049%	$13.6M	$2.5M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8533	−0.025%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.382%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.8561	+0.124%	$301K	$250K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8544	+0.032%	$4.7M	$13.4M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8526	−0.065%	$591K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8530	−0.043%	$2.1M	$768K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8532	−0.032%	$2.7M	$3.5M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.8532	−0.032%	—	$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	1.8592	+0.293%	$734K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8512	−0.140%	$109K	$47K	10x	as long as short
SunX RAY-USDTlong	+0.0100%	4h	1.8538	long leg	—	$2.6M	10x
HTX RAY-USDT	+0.0100%	4h	1.8658	+0.647%	$15K	$137K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8532	−0.032%	$256K	$873K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0465%	4h	1.8549	+0.059%	$257K	$249K	10x	as long as short