Funding arb · Price arb /

RAY

all RAY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.164%

Price spread now: Bitget against Variational Omni−0.663%7-day average +0.024% · you buy dearer than you sell

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

Long on Variational Omni Short on Bitget

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 7 days+0.687%+$69 · spread now −0.663%, 7d avg +0.024%

Together, before fees+0.850%+ Points / potential airdropVariational Omni: Active · farm board+$85 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: Bitget is 0.686% cheaper against Variational Omni than usual: you would sell low and buy high, −$69 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.8111	0.0100	pay 0.0050% / 4h	51m 35s	$707K	$961K	—
Short	Bitget RAYUSDT	1.7991	0.0100	get 0.0050% / 4h	51m 35s	$2.6M	$3.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Variational Omni. 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 Variational OmnibpFee BitgetbpOrdersPrice spread, now −0.663%Rate

Funding earned: $0
Price spread: −0.663% → +0.024%: −$68.64
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$80.64
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 27 min ago; Bitget: 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, 27 min ago	6.01 bp	doesn't fit	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	4.45 bp	19.7 bp −$20	64.7 bp −$647	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	−0.3804%	1h	1.7964	−0.812%	$90K	$449K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7994	−0.644%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.293%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7994	−0.646%	$4.4M	$12.9M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8007	−0.574%	$580K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8003	−0.596%	$1.9M	$780K	50x	as long as short
Bitget RAYUSDTshort	+0.0100%	4h	1.7991	−0.663%	$2.6M	$3.7M	25x
Variational Omni RAYlong	+0.0100%	4h	1.8111	long leg	$707K	$961K	—
Bullet RAY-USD	+0.0100%	1h	1.8007	−0.574%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8013	−0.541%	—	$2.4M	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX RAY-USDT	+0.0100%	4h	1.7999	−0.618%	$13K	$90K	20x	as long as short
MEXC RAY_USDT	+0.0144%	8h	1.7994	−0.646%	$12.4M	$2.4M	100x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8031	−0.442%	$257K	$874K	20x	as long as short
BingX RAY-USDT	+0.0270%	4h	1.8002	−0.602%	—	$2.0M	—	as long as short
Lighter RAY	+0.0504%	1h	1.8011	−0.552%	$263K	$307K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0905%	4h	1.8044	−0.370%	$323K	$400K	10x	as long as short