Funding arb · Price arb /

RENDER

all RENDER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0303%/8h= +33.2% APRpaid last 24h +0.110%

Price spread now: Kraken Futures against Binance+0.150%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$750.753% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.606%+$61 on $10k

Price spread, last 3 days (all we have)−0.179%−$18 · spread now +0.150%, 7d avg +0.073%

Together, before fees+0.427%+$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Kraken Futures is 0.077% dearer against Binance than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance RENDERUSDT	1.8739	0.0100	pay 0.0050% / 4h	3h 46m	$12.5M	$47.1M	75x
Short	Kraken Futures PF_RENDERUSD	1.8767	0.0403	get 0.0050% / 1h	46m 13s	$478K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.150%Rate

Funding earned: $63.69
Price spread: +0.150% → +0.073%: $7.7
Slippage, 4 orders: −$55.32
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$3.93
Costs to cover: 0.753%
Break-even: 7.4 days

Slippage from Binance: live order book, 11 min ago; Kraken Futures: live order book, 2 min ago.

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, 11 min ago	2.66 bp	11.2 bp −$11	25.0 bp −$250	228.8 bp −$22.9K	doesn't fit
Sell Kraken Futures live order book, 2 min ago	15.43 bp	21.2 bp −$21	51.0 bp −$510	doesn't fit	doesn't fit

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
Deribit RENDER_USDC-PERPETUAL	−0.0230%	1h	1.8731	−0.045%	$11K	$30K	25x	as long as short
Injective RENDER/USDC PERP	−0.0213%	1h	1.8760	+0.110%	$6K	$188K	12x	as long as short
Variational Omni RENDER	−0.0065%	4h	1.8787	+0.255%	$230K	$287K	—	as long as short
Coinbase International RENDER-PERP-INTX	−0.0040%	1h	1.8790	+0.270%	$155K	$65K	50x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8777	+0.201%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8747	+0.038%	$270K	$164K	20x	as long as short
Binance RENDERUSDTlong	+0.0100%	4h	1.8739	long leg	$12.5M	$47.1M	75x
Bybit RENDERUSDT	+0.0100%	4h	1.8714	−0.135%	$12.1M	$13.4M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8740	+0.003%	$3.2M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8740	+0.003%	$534K	$1.1M	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	1.8730	−0.050%	$12.1M	$10.5M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8720	−0.103%	$5.2M	$12.2M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8739	−0.002%	$10.1M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8740	+0.003%	—	$4.1M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8729	−0.055%	$47K	$268K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8740	+0.003%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8720	−0.102%	$32K	$209K	10x	as long as short
Phoenix RENDER	+0.0171%	1h	1.8747	+0.041%	$48K	$324K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8760	+0.110%	$599K	$1.3M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0366% / S −0.0912%	1h	1.8722	−0.093%	$16K	—	100x	as long as short
Kraken Futures PF_RENDERUSDshort	+0.0403%	1h	1.8767	+0.150%	$478K	$1.1M	50x
Hyperliquid RENDER	+0.0891%	1h	1.8790	+0.270%	$4.4M	$3.4M	5x	as long as short