Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0812%/8h= +88.9% APRpaid last 24h +0.135%

Price spread now: GMX against Binance+0.003%7-day average — · you sell dearer than you buy

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$24 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance RENDERUSDT	1.8730	0.0100	pay 0.0050% / 4h	3h 49m	$12.5M	$47.0M	75x
Short	GMX RENDER/USD [ETH-USDC]	1.8731	L +0.0366% / S −0.0912%	get 0.0114% / 1h	49m 28s	$16K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 BinancebpFee GMXbpOrdersPrice spread, now +0.003%Rate

Funding earned: $170.57
Price spread: +0.003% → 0.000%: $0.28
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $148.85
Costs to cover: 0.220%
Break-even: 0.9 days

Slippage unknown: Binance: live order book, 8 min ago; GMX: no order-book sample. 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 Binance live order book, 8 min ago	2.66 bp	11.2 bp −$11	25.0 bp −$250	228.8 bp −$22.9K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

RENDER on 22 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
Injective RENDER/USDC PERP	−0.0213%	1h	1.8790	+0.320%	$6K	$188K	12x	as long as short
Deribit RENDER_USDC-PERPETUAL	−0.0125%	1h	1.8666	−0.342%	$11K	$30K	25x	as long as short
Variational Omni RENDER	−0.0067%	4h	1.8782	+0.278%	$232K	$293K	—	as long as short
Coinbase International RENDER-PERP-INTX	−0.0040%	1h	1.8810	+0.427%	$155K	$64K	50x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8717	−0.069%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8731	+0.006%	$270K	$164K	20x	as long as short
Binance RENDERUSDTlong	+0.0100%	4h	1.8730	long leg	$12.5M	$47.0M	75x
Bybit RENDERUSDT	+0.0100%	4h	1.8720	−0.053%	$12.1M	$13.3M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8750	+0.107%	$3.2M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8717	−0.069%	$533K	$1.0M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC RENDER_USDT	+0.0100%	4h	1.8720	−0.053%	$12.1M	$10.5M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8710	−0.107%	$5.2M	$12.2M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8730	0.000%	$10.1M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8730	0.000%	—	$4.1M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8798	+0.363%	$45K	$268K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8690	−0.214%	$1.9M	$3.9M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8713	−0.091%	$31K	$192K	10x	as long as short
Phoenix RENDER	+0.0171%	1h	1.8702	−0.149%	$46K	$324K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8790	+0.320%	$597K	$1.3M	90x	as long as short
GMX RENDER/USD [ETH-USDC]short	L +0.0366% / S −0.0912%	1h	1.8731	+0.003%	$16K	—	100x
Kraken Futures PF_RENDERUSD	+0.0405%	1h	1.8703	−0.143%	$478K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0945%	1h	1.8773	+0.230%	$4.4M	$3.4M	5x	as long as short