...Damn, this is a tough question.
See, this is how Box decides matchups/tough choices such as this:
Raiden wins in damage.
Point: Raiden
Kabal wins in speed.
Point: Kabal.
Raiden edges him out in need for Meter; Need for EX Dash > Need for EX Bolt.
Point: Raiden.
Kabal beats him in mindgames; FS zoning and NDC mixups > escapable corner murder and semi-punishable Teleport.
Point: Kabal.
Raiden's Teleport is still arguably the best and most diverse in its uses in the game.
Point: Raiden.
Kabal can zone like his first name was Discovery. Even against Raiden to an extent, who is considered, for the most part, unzoneable.
Point: Kabal.
Raiden has his awesome MK Deception Evil Raiden suit, AND his 2D MK Red Sash costume.
Point: Raiden.
Kabal ALWAYS has his mask on, even though his 2'nd costume is his pre-crispy police uniform, because he can't shoot a Gas Blast without it.
Point: Raiden.
But Kabal has Hookswords. Raiden is weaponless.
Point: Kabal.
But Kabal STILL has yet to explain to me why I survived Deception's Black Dragon Trial and was NEVER told what the fuck Kochal was.
Minus one point: Kabal.
Whereas Raiden did in the 1st 5 minutes of the game what 64 different endings couldn't do for me in Armageddon: Tell me how it actually ended.
Point: Raiden.
That's a 6-4 advantage for Raiden.
Pick Raiden.