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: Gate against Coinbase International−1.048%7-day average −0.334% · you buy dearer than you sell

Net, funding: paid 7d − costs−$306as in the Funding arb table

Net, price: spread back to 7d avg − costs−$316as in the Price arb table

costs, in and out, $10k−$2442.444% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.616%−$62 on $10k

Price spread, last 4 days (all we have)+1.388%+$139 · spread now −1.048%, 7d avg −0.334%

Together, before fees+0.772%+$77 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 Gate is 0.713% cheaper against Coinbase International than usual: you would sell low and buy high (−$71 if the spread goes back to its 7-day average of −0.334%). 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 28s	$155K	$57K	50x
Short	Gate RENDER_USDT	1.8702	0.0100	get 0.0050% / 4h	58m 28s	$571K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −1.048%Rate

Funding earned: −$130.2
Price spread: −1.048% → −0.334%: −$71.31
Slippage, 4 orders: −$219.45
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$445.96
Costs to cover: 2.444%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 64 min ago; Gate: live order book, 4 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, 64 min ago	16.22 bp	73.3 bp −$73	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.48 bp	47.7 bp −$48	242.7 bp −$2,427	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	−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	1.8677	−1.180%	$11K	$30K	25x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8668	−1.227%	$12.5M	$47.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8650	−1.323%	$11.9M	$13.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8670	−1.217%	$3.2M	$8.2M	20x	as long as short
Gate RENDER_USDTshort	+0.0100%	4h	1.8702	−1.048%	$571K	$1.2M	50x
MEXC RENDER_USDT	+0.0100%	4h	1.8650	−1.323%	$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	1.8664	−1.249%	$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	1.8680	−1.164%	—	$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	1.8680	−1.164%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8687	−1.128%	$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	1.8721	−0.947%	$271K	$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	+0.0605%	1h	1.8683	−1.148%	$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	+0.1257%	1h	1.8704	−1.037%	$486K	$1.1M	50x	as long as short