Funding you earn now, next payment 02:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.006%
Price spread now: Phoenix against Bybit+0.668%105s7-day average +0.157% · you sell dearer than you buy
Net, funding: paid 7d − costs−$84as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$590.589% of the position
Funding, last 7 days−0.252%−$25 on $10k
+Price spread, last 4 days (all we have)−0.069%−$7 · spread now +0.668%, 7d avg +0.157%
=Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.512% dearer against Bybit than usual: you sell high and buy low: +$51 more if the spread goes back to its 7-day average of +0.157%. Mind the row above: over the last 7 days funding on this pair cost −0.252%, so the current rate has only just turned in your favour. The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit RENDERUSDT | 1.8560 | 0.0100 | pay 0.0050% / 4h | 57m 44s | $11.8M | $13.3M | 50x |
| Short | Phoenix RENDER | 1.8684 | 0.0259 | get 0.0032% / 1h | 57m 44s | $48K | $242K | 5x |
Bybit RENDERUSDT
Phoenix RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $33.45
- Price spread: +0.668% → +0.157%
- $51.15
- Slippage, 4 orders
- −$40.88
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $25.72
- Costs to cover
- 0.589%
- Break-even
- 1.6 days
Slippage from Bybit: live order book, 6 min ago; Phoenix: live order book, 63 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 Bybit live order book, 6 min ago | 2.68 bp | 16.0 bp −$16 | 42.9 bp −$429 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 63 min ago | 1.08 bp | 13.3 bp −$13 | 45.6 bp −$456 | 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 | −0.0223% | 1h | 1.8650 | +0.485% | $6K | $188K | 12x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8577 | +0.091% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8641 | +0.436% | $11K | $30K | 25x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8580 | +0.105% | $12.4M | $47.0M | 75x | as long as short |
| Bybit RENDERUSDTlong | +0.0100% | 4h | 1.8560 | long leg | $11.8M | $13.3M | 50x | |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8590 | +0.162% | $3.1M | $8.2M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8609 | +0.264% | $568K | $1.2M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8580 | +0.108% | $13.0M | $11.1M | 200x | as long as short |
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8600 | +0.216% | $5.0M | $11.8M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8591 | +0.167% | $10.2M | $10.8M | 50x | as long as short |
Injective RENDER/USDC PERP
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
Binance RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDT
KuCoin RENDERUSDTM
Bitget RENDERUSDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX RENDER-USDT | +0.0100% | 4h | 1.8580 | +0.108% | — | $3.6M | — | as long as short |
| Variational Omni RENDER | +0.0100% | 4h | 1.8641 | +0.437% | $265K | $313K | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8674 | +0.614% | $42K | $253K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8650 | +0.485% | $1.9M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8575 | +0.081% | $27K | $200K | 10x | as long as short |
| Phoenix RENDERshort | +0.0259% | 1h | 1.8684 | +0.668% | $48K | $242K | 5x | |
| Aster RENDERUSDT | +0.0320% | 4h | 1.8645 | +0.457% | $270K | $144K | 20x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8690 | +0.700% | $594K | $1.2M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0367% / S −0.0912% | 1h | 1.8646 | +0.465% | $16K | — | 100x | as long as short |
| Hyperliquid RENDER | +0.0434% | 1h | 1.8612 | +0.280% | $4.2M | $3.2M | 5x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0720% | 1h | 1.8900 | +1.832% | $155K | $57K | 50x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.1260% | 1h | 1.8662 | +0.551% | $485K | $1.1M | 50x | as long as short |
BingX RENDER-USDT
Variational Omni RENDER
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
Aster RENDERUSDT
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Hyperliquid RENDER
Coinbase International RENDER-PERP-INTX
Kraken Futures PF_RENDERUSD