Funding arb · Price arb /

RAY

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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 +0.198%

Price spread now: BingX against Variational Omni−0.882%7-day average +0.009% · you buy dearer than you sell

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

Long on Variational Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.309%+$31 on $10k

Price spread, last 7 days+0.838%+$84 · spread now −0.882%, 7d avg +0.009%

Together, before fees+1.146%+ Points / potential airdropVariational Omni: Active · farm board+$115 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: BingX is 0.891% cheaper against Variational Omni than usual: you would sell low and buy high, −$89 on $10k if it goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.8066	0.0100	pay 0.0050% / 4h	3h 57m	$700K	$868K	—
Short	BingX RAY-USDT	1.7907	0.0100	get 0.0050% / 4h	3h 57m	—	$2.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Variational Omni. 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 Variational OmnibpFee BingXbpOrdersPrice spread, now −0.882%Rate

Funding earned: $0
Price spread: −0.882% → +0.009%: −$89.14
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$99.14
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 17 min ago; BingX: live order book, 1 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 Variational Omni RFQ quote, 17 min ago	4.97 bp	doesn't fit	71.6 bp −$716	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	3.07 bp	17.6 bp −$18	43.6 bp −$436	230.9 bp −$23.1K	624.8 bp −$312.4K

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	−0.2675%	1h	1.7943	−0.684%	$90K	$413K	10x	as long as short
MEXC RAY_USDT	−0.0482%	8h	1.7914	−0.843%	$12.5M	$2.4M	100x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7913	−0.852%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.068%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7901	−0.915%	$4.4M	$12.8M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7906	−0.887%	$576K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.7910	−0.865%	$1.9M	$788K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.7916	−0.832%	$2.6M	$3.8M	25x	as long as short
BingX RAY-USDTshort	+0.0100%	4h	1.7907	−0.882%	—	$2.0M	—
Variational Omni RAYlong	+0.0100%	4h	1.8066	long leg	$700K	$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	1.7926	−0.777%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7937	−0.716%	—	$2.4M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7962	−0.578%	$13K	$90K	20x	as long as short
Lighter RAY	+0.0208%	1h	1.7947	−0.661%	$258K	$299K	5x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7906	−0.887%	$251K	$915K	20x	as long as short
Orderly PERP_RAY_USDC	+0.1367%	4h	1.7960	−0.589%	$322K	$400K	10x	as long as short