Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0356%/8h= −39.0% APRpaid last 24h −0.049%

Price spread now: MEXC against Coinbase International−1.202%7-day average −0.320% · you buy dearer than you sell

Net, funding: paid 7d − costs−$217as in the Funding arb table

Net, price: spread back to 7d avg − costs−$248as in the Price arb table

costs, in and out, $10k−$1601.601% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.572%−$57 on $10k

Price spread, last 4 days (all we have)+1.524%+$152 · spread now −1.202%, 7d avg −0.320%

Together, before fees+0.952%+$95 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and MEXC is 0.882% cheaper against Coinbase International than usual: you would sell low and buy high (−$88 if the spread goes back to its 7-day average of −0.320%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International RENDER-PERP-INTX	1.9130	0.0456	pay 0.0057% / 1h	20m 39s	$157K	$58K	50x
Short	MEXC RENDER_USDT	1.8900	0.0100	get 0.0050% / 4h	1h 20m	$14.1M	$11.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −1.202%Rate

Funding earned: −$74.76
Price spread: −1.202% → −0.320%: −$88.24
Slippage, 4 orders: −$150.14
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$323.13
Costs to cover: 1.601%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 42 min ago; MEXC: live order book, 3 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, 42 min ago	16.22 bp	73.3 bp −$73	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	5.28 bp	5.3 bp −$5	12.4 bp −$124	67.8 bp −$6,778	219.2 bp −$109.6K

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-USD	0.0000%	1h	1.8876	−1.327%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8892	−1.244%	$11K	$30K	25x	as long as short
Injective RENDER/USDC PERP	+0.0036%	1h	1.8880	−1.307%	$6K	$188K	12x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8890	−1.255%	$12.6M	$46.9M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8876	−1.328%	$12.0M	$13.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8890	−1.255%	$3.2M	$8.3M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8883	−1.291%	$584K	$1.2M	50x	as long as short
MEXC RENDER_USDTshort	+0.0100%	4h	1.8900	−1.202%	$14.1M	$11.1M	200x
KuCoin RENDERUSDTM	+0.0100%	4h	1.8900	−1.202%	$5.2M	$11.9M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8892	−1.244%	$10.4M	$10.7M	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	1.8880	−1.307%	—	$3.6M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8877	−1.325%	$269K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8930	−1.045%	$43K	$254K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8870	−1.359%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8892	−1.247%	$28K	$198K	10x	as long as short
Aster RENDERUSDT	+0.0227%	4h	1.8917	−1.113%	$274K	$145K	20x	as long as short
Phoenix RENDER	+0.0259%	1h	1.8991	−0.727%	$49K	$246K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8900	−1.202%	$591K	$1.1M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0369% / S −0.0912%	1h	1.8886	−1.274%	$16K	—	100x	as long as short
Coinbase International RENDER-PERP-INTXlong	+0.0456%	1h	1.9130	long leg	$157K	$58K	50x
Hyperliquid RENDER	+0.0872%	1h	1.8923	−1.080%	$4.3M	$3.2M	5x	as long as short
Kraken Futures PF_RENDERUSD	+0.1414%	1h	1.8922	−1.087%	$490K	$1.1M	50x	as long as short