Rabbitray spawn in the Sunken Cave located within the area where you fight the first boss. This can be a bit cumbersome to locate, however. In addition, you will need first hook a smaller fish then wait for the bigger fish (the Rabbitray) to come and replace the original fish you had on the line.
This means starting all over again in the fishing process and if you are already low on stamina, could result in you have to rush back home. A far better spawing location is situated just outside of your farm in an area called the Sunken Valephyr.
To find the Sunken Valephyr you will need to mount a Rabbitray and head out into the open ocean. From there, make your way over to the area that has the statue of Valemer, the magnus that looks like a hybrid of Magikarp, Gyrados, and Machoke.
Once you have made it there, head west until you come upon a small pond.
There a few large species of fish here, with Rabbitray spawning often. Unlike The Sunken Cave, you won't have to engage in two rounds of fishing to land one. If you have enough stamina, try and catch multiple Rabbitrays since they are very useful in-game.
You'll be relying on them heavily for travel until you unlock enough quick travel portals. Also, they disappear if travel on one and happen to faint before you get back to the farm. Once you have a stockpile, be sure to stock up on large fish food to be them alive in healthy.
In Re: Legend, fish do die. Their bodies turn red and they just float in the way lifelessly. And unfortunately, there is no way to revive them if you have let them go without food for too long.
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