Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h +0.092%

Price spread now: dYdX against Bybit+0.135%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 6 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 pays, funding is against you. dYdX is 0.135% dearer against Bybit than usual: you sell high and buy low (spread +0.135% now, against zero (this spread has no 7-day history yet)): +$14 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit RENDERUSDT	1.8130	0.0100	pay 0.0050% / 4h	2h 00m	$11.8M	$13.4M	50x
Short	dYdX RENDER-USD	1.8155	0.0009	get 0.0001% / 1h	0m 34s	$18K	$22K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Bybit. 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 BybitbpFee dYdXbpOrdersPrice spread, now +0.135%Rate

Funding earned: −$19.13
Price spread: +0.135% → 0.000%: $13.54
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$26.59
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; dYdX: 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 Bybit live order book, 3 min ago	5.53 bp	16.5 bp −$16	43.8 bp −$438	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
dYdX RENDER-USDshort	+0.0009%	1h	1.8155	+0.135%	$18K	$22K	5x
Deribit RENDER_USDC-PERPETUAL	+0.0025%	1h	1.8166	+0.199%	$18K	$37K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8178	+0.263%	$278K	$177K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8140	+0.055%	$11.8M	$47.8M	75x	as long as short
Bybit RENDERUSDTlong	+0.0100%	4h	1.8130	long leg	$11.8M	$13.4M	50x
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8160	+0.165%	$3.1M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8146	+0.088%	$521K	$1.3M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8140	+0.055%	$11.2M	$11.6M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8150	+0.110%	$4.8M	$10.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8150	+0.110%	$9.9M	$10.9M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX RENDER-USDT	+0.0100%	4h	1.8150	+0.110%	—	$5.2M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8152	+0.119%	$257K	$314K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8139	+0.050%	$40K	$250K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8160	+0.165%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8143	+0.069%	$26K	$195K	10x	as long as short
Injective RENDER/USDC PERP	+0.0235%	1h	1.7950	−0.993%	$11K	$194K	12x	as long as short
Phoenix RENDER	+0.0264%	1h	1.8164	+0.188%	$47K	$334K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8170	+0.221%	$605K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0906%	1h	1.8149	+0.103%	$15K	—	100x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0584%	1h	1.8160	+0.165%	$150K	$62K	50x	as long as short
Hyperliquid RENDER	+0.0649%	1h	1.8166	+0.199%	$4.1M	$3.3M	5x	as long as short
Kraken Futures PF_RENDERUSD	+0.1233%	1h	1.8181	+0.284%	$424K	$1.3M	50x	as long as short