Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0620%/8h= −67.9% APRpaid last 24h −0.049%

Price spread now: Binance against Coinbase International−1.481%7-day average −0.287% · you buy dearer than you sell

Net, funding: paid 7d − costs−$233as in the Funding arb table

Net, price: spread back to 7d avg − costs−$295as in the Price arb table

costs, in and out, $10k−$1761.758% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.571%−$57 on $10k

Price spread, last 4 days (all we have)+1.803%+$180 · spread now −1.481%, 7d avg −0.287%

Together, before fees+1.232%+$123 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Binance is 1.194% cheaper against Coinbase International than usual: you would sell low and buy high (−$119 if the spread goes back to its 7-day average of −0.287%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International RENDER-PERP-INTX	1.8900	0.0720	pay 0.0090% / 1h	58m 06s	$155K	$57K	50x
Short	Binance RENDERUSDT	1.8620	0.0100	get 0.0050% / 4h	58m 06s	$12.4M	$47.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −1.481%Rate

Funding earned: −$130.2
Price spread: −1.481% → −0.287%: −$119.43
Slippage, 4 orders: −$155.82
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$425.45
Costs to cover: 1.758%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 65 min ago; Binance: live order book, 14 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 Coinbase International live order book, 65 min ago	16.22 bp	73.3 bp −$73	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	2.66 bp	14.5 bp −$14	30.6 bp −$306	129.9 bp −$13.0K	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	−1.323%	$6K	$188K	12x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8697	−1.075%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8641	−1.370%	$11K	$30K	25x	as long as short
Binance RENDERUSDTshort	+0.0100%	4h	1.8620	−1.481%	$12.4M	$47.0M	75x
Bybit RENDERUSDT	+0.0100%	4h	1.8600	−1.587%	$11.8M	$13.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8620	−1.481%	$3.1M	$8.2M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8638	−1.386%	$569K	$1.2M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8630	−1.429%	$13.8M	$11.1M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8660	−1.270%	$5.1M	$11.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8648	−1.333%	$10.2M	$10.8M	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	1.8630	−1.429%	—	$3.6M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8641	−1.369%	$265K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8674	−1.196%	$42K	$253K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8650	−1.323%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8645	−1.349%	$27K	$200K	10x	as long as short
Phoenix RENDER	+0.0259%	1h	1.8684	−1.143%	$48K	$242K	5x	as long as short
Aster RENDERUSDT	+0.0317%	4h	1.8677	−1.178%	$270K	$144K	20x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8690	−1.111%	$594K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0367% / S −0.0912%	1h	1.8646	−1.343%	$16K	—	100x	as long as short
Hyperliquid RENDER	+0.0534%	1h	1.8655	−1.294%	$4.2M	$3.2M	5x	as long as short
Coinbase International RENDER-PERP-INTXlong	+0.0720%	1h	1.8900	long leg	$155K	$57K	50x
Kraken Futures PF_RENDERUSD	+0.1260%	1h	1.8662	−1.257%	$485K	$1.1M	50x	as long as short