Funding arb · Price arb /

RAY

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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: Gate against Variational Omni+0.272%7-day average −0.006% · you sell dearer than you buy

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

Long on Variational Omni Short on Gate

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−0.342%−$34 · spread now +0.272%, 7d avg −0.006%

Together, before fees−0.178%+ Points / potential airdropVariational Omni: Active · farm board−$18 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: Gate is 0.279% dearer against Variational Omni than usual: you sell high and buy low, +$28 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.8511	0.0100	pay 0.0050% / 4h	3h 14m	$725K	$1.0M	—
Short	Gate RAY_USDT	1.8561	0.0100	get 0.0050% / 4h	3h 14m	$568K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.272%Rate

Funding earned: $0
Price spread: +0.272% → −0.006%: $27.85
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $12.85
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Gate: live order book, 3 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, 5 min ago	3.82 bp	doesn't fit	67.2 bp −$672	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	2.70 bp	58.8 bp −$59	doesn't fit	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	−0.1754%	1h	1.8635	+0.670%	$94K	$440K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8553	+0.228%	$2K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−11.251%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8564	+0.288%	$4.7M	$13.5M	20x	as long as short
Gate RAY_USDTshort	+0.0100%	4h	1.8561	+0.272%	$568K	$1.1M	25x
KuCoin RAYUSDTM	+0.0100%	4h	1.8560	+0.267%	$2.0M	$771K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8561	+0.272%	$2.7M	$3.7M	25x	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.8511	long leg	$725K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8572	+0.332%	$70K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8565	+0.294%	—	$2.6M	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	1.8555	+0.240%	$13K	$110K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8554	+0.234%	$256K	$886K	20x	as long as short
Lighter RAY	+0.0496%	1h	1.8594	+0.450%	$278K	$284K	5x	as long as short
Orderly PERP_RAY_USDC	+0.0570%	4h	1.8586	+0.407%	$264K	$247K	10x	as long as short
BingX RAY-USDT	+0.0618%	4h	1.8564	+0.288%	—	$2.0M	—	as long as short
MEXC RAY_USDT	+0.0745%	8h	1.8578	+0.364%	$13.1M	$2.5M	100x	as long as short