Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0685%/8h= +75.0% APRpaid last 24h +0.111%

Price spread now: GMX against Bitget−0.039%7-day average — · you buy dearer than you sell

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

Long on Bitget 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

Funding pays, the price is against you. GMX is 0.039% cheaper against Bitget than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 5 hours of funding at the current rate (+$21 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget RENDERUSDT	1.8631	0.0100	pay 0.0050% / 4h	2h 42m	$10.0M	$10.4M	50x
Short	GMX RENDER/USD [ETH-USDC]	1.8624	L +0.0341% / S −0.0785%	get 0.0098% / 1h	42m 39s	$14K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bitget. 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 BitgetbpFee GMXbpOrdersPrice spread, now −0.039%Rate

Funding earned: $143.8
Price spread: −0.039% → 0.000%: −$3.89
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $115.92
Costs to cover: 0.240%
Break-even: 1.4 days

Slippage unknown: Bitget: live order book, 1 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 Bitget live order book, 1 min ago	3.76 bp	10.8 bp −$11	18.8 bp −$188	doesn't fit	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	−0.0440%	1h	1.8630	−0.005%	$6K	$141K	12x	as long as short
Variational Omni RENDER	−0.0246%	4h	1.8580	−0.273%	$223K	$255K	—	as long as short
Bybit RENDERUSDT	−0.0208%	4h	1.8600	−0.166%	$12.1M	$14.6M	50x	as long as short
Deribit RENDER_USDC-PERPETUAL	−0.0126%	1h	1.8623	−0.043%	$11K	$33K	25x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8629	−0.008%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8640	+0.046%	$271K	$189K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8639	+0.041%	$12.4M	$49.1M	75x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8630	−0.005%	$3.2M	$8.8M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8617	−0.075%	$545K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8630	−0.005%	$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	−0.113%	$5.2M	$13.0M	50x	as long as short
Bitget RENDERUSDTlong	+0.0100%	4h	1.8631	long leg	$10.0M	$10.4M	50x
BingX RENDER-USDT	+0.0100%	4h	1.8620	−0.059%	—	$4.3M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8618	−0.070%	$44K	$265K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8610	−0.113%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8634	+0.018%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8615	−0.086%	$40K	$336K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8590	−0.220%	$602K	$1.4M	90x	as long as short
GMX RENDER/USD [ETH-USDC]short	L +0.0341% / S −0.0785%	1h	1.8624	−0.039%	$14K	—	100x
Coinbase International RENDER-PERP-INTX	+0.0520%	1h	1.8570	−0.327%	$153K	$68K	50x	as long as short
Kraken Futures PF_RENDERUSD	+0.0746%	1h	1.8650	+0.100%	$487K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.1043%	1h	1.8653	+0.118%	$4.2M	$4.3M	5x	as long as short