Cage needs to play a careful mix of offense and defense here. Most Raiden players are going to superman and teleport all day long, so Cage will need to learn how to anticipate and counter with an uppercut. Counter any jump-in's with aaHK, SUJK, or shadow uppercut. Superman spam can be punished with a shadow kick. That, or low toe and start applying CQC once it whiffs. If Raiden goes for the shocker and whiffs, immediately hit a HK axe-launcher, followed by shadow kick for 31%. Another strat that could work for teleport spam is to buffer a shadow kick
Raiden has more leeway since Cage lacks a threatening zone game. If you want to engage in spam, go ahead. In a tradeoff, the bolt outdoes the green ball by about 0.5%. Jumping in is not advised unless done as a crossover since cage can AA Raiden in multiple ways. Supermans are very useful here if done as a surprise up close. Just don't get predictable with them. Once in close, go crazy on CQC looking for the shocker. Some Cage players will attempt a ballbreaker to "break" things up. Block it and shock it.
Just like with Baraka, Raiden will have to work hard for wins against Cage due to his CQC. He holds a small edge by virtue of his stronger projectile and ability to get in and out quickly. 6-4, Raiden.