Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.282%

Price spread now: Lighter against Variational Omni+0.471%7-day average +0.181% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.548%+$55 on $10k

Price spread, last 4 days (all we have)−0.759%−$76 · spread now +0.471%, 7d avg +0.181%

Together, before fees−0.211%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.290% dearer against Variational Omni than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of +0.181%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni RAY	1.8051	0.0100	pay 0.0050% / 4h	1h 31m	$705K	$978K	—
Short	Lighter RAY	1.8136	0.0216	get 0.0027% / 1h	31m 31s	$266K	$287K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.471%Rate

Funding earned: $24.36
Price spread: +0.471% → +0.181%: $28.99
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $53.35
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 53 min ago; Lighter: live order book, 14 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, 53 min ago	6.36 bp	doesn't fit	60.1 bp −$601	doesn't fit	doesn't fit
Sell Lighter live order book, 14 min ago	5.57 bp	17.6 bp −$18	118.7 bp −$1,187	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	1.8105	+0.300%	$1K	—	150x	as long as short
MEXC RAY_USDT	+0.0016%	8h	1.8101	+0.277%	$12.7M	$2.4M	100x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−8.991%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAP	+0.0100%	8h	1.8098	+0.260%	$4.5M	$13.0M	20x	as long as short
Gate RAY_USDT	+0.0100%	4h	1.8109	+0.321%	$575K	$1.1M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8105	+0.299%	$1.9M	$775K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8105	+0.299%	$2.6M	$3.7M	25x	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.8051	long leg	$705K	$978K	—
Bullet RAY-USD	+0.0100%	1h	1.8113	+0.345%	$68K	$66K	10x	as long as short
SunX RAY-USDT	+0.0100%	4h	1.8025	−0.144%	—	$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	1.8119	+0.377%	$13K	$92K	20x	as long as short
BingX RAY-USDT	+0.0186%	4h	1.8109	+0.321%	—	$2.0M	—	as long as short
Lighter RAYshort	+0.0216%	1h	1.8136	+0.471%	$266K	$287K	5x
BloFin RAY-USDT	+0.0220%	8h	1.8033	−0.100%	$254K	$870K	20x	as long as short
Orderly PERP_RAY_USDC	+0.0612%	4h	1.8150	+0.549%	$322K	$398K	10x	as long as short
Kraken Futures PF_RAYUSD	+0.0772%	1h	1.8040	−0.059%	$90K	$453K	10x	as long as short