Funding arb · Price arb /

RENDER

all RENDER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.042%

Price spread now: Coinbase International against BingX−0.269%7-day average +0.292% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$218as in the Price arb table

costs, in and out, $10k−$1621.624% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.463%+$46 on $10k

Price spread, last 3 days (all we have)+0.431%+$43 · spread now −0.269%, 7d avg +0.292%

Together, before fees+0.894%+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.561% cheaper against BingX than usual: you would sell low and buy high (spread −0.269% now, against its 7-day average of +0.292%). If the spread goes back, that is −$56 on $10k: about 4.5 days of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX RENDER-USDT	1.8620	0.0100	pay 0.0050% / 4h	2h 42m	—	$4.3M	—
Short	Coinbase International RENDER-PERP-INTX	1.8570	0.0520	get 0.0065% / 1h	42m 24s	$153K	$68K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now −0.269%Rate

Funding earned: $88.2
Price spread: −0.269% → +0.292%: −$56.08
Slippage, 4 orders: −$142.36
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$130.24
Costs to cover: 1.624%
Break-even: 17.3 days

Slippage from BingX: live order book, 8 min ago; Coinbase International: live order book, 45 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 BingX live order book, 8 min ago	2.69 bp	9.7 bp −$10	15.3 bp −$153	45.9 bp −$4,591	582.3 bp −$291.1K
Sell Coinbase International live order book, 45 min ago	10.85 bp	72.6 bp −$73	doesn't fit	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
Injective RENDER/USDC PERP	−0.0440%	1h	1.8630	+0.054%	$6K	$141K	12x	as long as short
Variational Omni RENDER	−0.0246%	4h	1.8580	−0.214%	$223K	$255K	—	as long as short
Bybit RENDERUSDT	−0.0208%	4h	1.8610	−0.054%	$12.1M	$14.6M	50x	as long as short
Deribit RENDER_USDC-PERPETUAL	−0.0126%	1h	1.8623	+0.016%	$11K	$33K	25x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8629	+0.051%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8640	+0.107%	$271K	$189K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8632	+0.066%	$12.4M	$49.1M	75x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8630	+0.054%	$3.2M	$8.8M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8617	−0.016%	$545K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8630	+0.054%	$12.1M	$10.2M	200x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin RENDERUSDTM	+0.0100%	4h	1.8610	−0.054%	$5.2M	$13.0M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8630	+0.054%	$10.0M	$10.4M	50x	as long as short
BingX RENDER-USDTlong	+0.0100%	4h	1.8620	long leg	—	$4.3M	—
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8618	−0.011%	$44K	$265K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8610	−0.054%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8634	+0.077%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8615	−0.027%	$40K	$336K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8590	−0.161%	$602K	$1.4M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0341% / S −0.0785%	1h	1.8624	+0.020%	$14K	—	100x	as long as short
Coinbase International RENDER-PERP-INTXshort	+0.0520%	1h	1.8570	−0.269%	$153K	$68K	50x
Kraken Futures PF_RENDERUSD	+0.0746%	1h	1.8650	+0.159%	$487K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.1029%	1h	1.8651	+0.166%	$4.2M	$4.3M	5x	as long as short