Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0567%/8h= +62.1% APRpaid last 24h +0.088%

Price spread now: GMX against BloFin−0.148%7-day average — · you buy dearer than you sell

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

Long on BloFin 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 0.148% cheaper against BloFin than usual: you would sell low and buy high (spread −0.148% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 21 hours of funding at the current rate (+$17 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin RENDER-USDT	1.8440	0.0340	pay 0.0170% / 4h	5m 05s	$571K	$1.1M	90x
Short	GMX RENDER/USD [ETH-USDC]	1.8413	L +0.0364% / S −0.0907%	get 0.0113% / 1h	5m 05s	$15K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. 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 BloFinbpFee GMXbpOrdersPrice spread, now −0.148%Rate

Funding earned: $119.01
Price spread: −0.148% → 0.000%: −$14.8
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $80.21
Costs to cover: 0.240%
Break-even: 2.3 days

Slippage unknown: BloFin: live order book, 2 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 BloFin live order book, 2 min ago	2.71 bp	22.3 bp −$22	28.1 bp −$281	82.0 bp −$8,195	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	−0.0223%	1h	1.8530	+0.488%	$12K	$194K	12x	as long as short
dYdX RENDER-USD	+0.0057%	1h	1.8419	−0.116%	$19K	$23K	5x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8416	−0.128%	$12.1M	$47.4M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8410	−0.163%	$11.8M	$13.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8430	−0.054%	$3.1M	$8.1M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8418	−0.119%	$546K	$1.3M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8420	−0.108%	$12.5M	$11.3M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8430	−0.054%	$4.9M	$11.5M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8426	−0.076%	$10.0M	$10.8M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8420	−0.108%	—	$3.4M	—	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni RENDER	+0.0100%	4h	1.8412	−0.153%	$262K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8434	−0.033%	$41K	$251K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8420	−0.108%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8411	−0.157%	$30K	$205K	10x	as long as short
Deribit RENDER_USDC-PERPETUAL	+0.0130%	1h	1.8427	−0.070%	$12K	$31K	25x	as long as short
Aster RENDERUSDT	+0.0160%	4h	1.8420	−0.107%	$270K	$153K	20x	as long as short
Phoenix RENDER	+0.0299%	1h	1.8442	+0.011%	$47K	$315K	5x	as long as short
BloFin RENDER-USDTlong	+0.0340%	4h	1.8440	long leg	$571K	$1.1M	90x
GMX RENDER/USD [ETH-USDC]short	L +0.0364% / S −0.0907%	1h	1.8413	−0.148%	$15K	—	100x
Hyperliquid RENDER	+0.0586%	1h	1.8442	+0.011%	$4.2M	$3.3M	5x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0720%	1h	1.8430	−0.054%	$153K	$59K	50x	as long as short
Kraken Futures PF_RENDERUSD	+0.1275%	1h	1.8443	+0.014%	$480K	$1.1M	50x	as long as short