Funding arb · Price arb /

RAY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hpaid last 24h +0.130%

Price spread now: OKX against Variational Omni−0.187%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 OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.130%+$13 on $10k

Price spread, last 7 days+0.123%+$12 · spread now −0.187%, 7d avg −0.007%

Together, before fees+0.253%+ Points / potential airdropVariational Omni: Active · farm board+$25 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: OKX is 0.179% cheaper against Variational Omni than usual: you would sell low and buy high, −$18 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	1.8173	0.0100	pay 0.0050% / 4h	6m 23s	$693K	$1.0M	—
Short	OKX RAY-USDT-SWAP	1.8139	0.0100	get 0.0100% / 8h	4h 06m	$4.5M	$13.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.187%Rate

Funding earned: $0
Price spread: −0.187% → −0.007%: −$17.94
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$27.94
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; OKX: 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, 2 min ago	3.84 bp	doesn't fit	76.1 bp −$761	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	1.93 bp	18.3 bp −$18	101.2 bp −$1,012	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	−0.1372%	1h	1.8168	−0.025%	$90K	$390K	10x	as long as short
gTrade (Gains Network) RAY/USD	L +0.0001% / S +0.0056%	1h	1.8139	−0.188%	$1K	—	150x	as long as short
Injective RAY/USDC PERP	+0.0033%	1h	1.6428	−9.602%	$266	$25	5.5x	as long as short
OKX RAY-USDT-SWAPshort	+0.0100%	8h	1.8139	−0.187%	$4.5M	$13.0M	20x
Gate RAY_USDT	+0.0100%	4h	1.8130	−0.236%	$608K	$1.0M	25x	as long as short
KuCoin RAYUSDTM	+0.0100%	4h	1.8140	−0.181%	$2.0M	$738K	50x	as long as short
Bitget RAYUSDT	+0.0100%	4h	1.8159	−0.077%	$2.7M	$3.1M	25x	as long as short
Variational Omni RAYlong	+0.0100%	4h	1.8173	long leg	$693K	$1.0M	—
Bullet RAY-USD	+0.0100%	1h	1.8149	−0.131%	$107K	$46K	10x	as long as short
Orderly PERP_RAY_USDC	+0.0100%	4h	1.8163	−0.055%	$245K	$225K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX RAY-USDT	+0.0100%	4h	1.8152	−0.115%	—	$2.6M	10x	as long as short
HTX RAY-USDT	+0.0100%	4h	1.8137	−0.198%	$14K	$170K	20x	as long as short
BloFin RAY-USDT	+0.0220%	8h	1.8159	−0.077%	$259K	$764K	20x	as long as short
BingX RAY-USDT	+0.0580%	4h	1.8154	−0.104%	—	$1.9M	—	as long as short
MEXC RAY_USDT	+0.0750%	8h	1.8156	−0.093%	$13.9M	$2.4M	100x	as long as short
Lighter RAY	+0.1296%	1h	1.8192	+0.105%	$335K	$217K	5x	as long as short