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 +0.158%

Price spread now: KuCoin against Variational Omni−0.026%7-day average +0.007% · you buy dearer than you sell

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

Long on Variational Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.158%+$16 on $10k

Price spread, last 7 days−0.093%−$9 · spread now −0.026%, 7d avg +0.007%

Together, before fees+0.065%+ Points / potential airdropVariational Omni: Active · farm board+$6 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: KuCoin is 0.034% cheaper against Variational Omni than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.7912	0.0100	pay 0.0050% / 4h	2h 44m	$702K	$1.0M	—
Short	KuCoin RAYUSDTM	1.7907	0.0100	get 0.0050% / 4h	2h 44m	$1.9M	$767K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.026%Rate

Funding earned: $0
Price spread: −0.026% → +0.007%: −$3.35
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$15.35
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; KuCoin: live order book, 7 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	3.56 bp	doesn't fit	77.2 bp −$772	doesn't fit	doesn't fit
Sell KuCoin live order book, 7 min ago	10.29 bp	68.6 bp −$69	330.0 bp −$3,300	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
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.7913	+0.005%	$2K	—	150x	as long as short
Kraken Futures PF_RAYUSD	+0.0010%	1h	1.7981	+0.386%	$89K	$445K	10x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.284%	$266	$25	5.5x	as long as short
Lighter RAY	+0.0096%	1h	1.7963	+0.286%	$267K	$283K	5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.7931	+0.108%	$4.5M	$13.1M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.7896	−0.088%	$556K	$1.1M	25x	as long as short
KuCoin RAYUSDTMshort	+0.0100%	4h	1.7907	−0.026%	$1.9M	$767K	50x
Bitget RAYUSDT	+0.0100%	4h	1.7927	+0.085%	$2.6M	$3.7M	25x	as long as short
BingX RAY-USDT	+0.0100%	4h	1.7921	+0.052%	—	$2.0M	—	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.7912	long leg	$702K	$1.0M	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet RAY-USD	+0.0100%	1h	1.7899	−0.070%	$67K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.7906	−0.032%	—	$2.5M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.7886	−0.144%	$13K	$106K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.7974	+0.348%	$261K	$870K	20x	as long as short
MEXC RAY_USDT	+0.0255%	8h	1.7940	+0.158%	$12.7M	$2.5M	100x	as long as short
Orderly PERP_RAY_USDC	+0.0583%	4h	1.7949	+0.208%	$253K	$248K	10x	as long as short