Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0252%/8h= −27.6% APRpaid last 24h −0.042%

Price spread now: Phemex against Coinbase International−1.178%7-day average −0.293% · you buy dearer than you sell

Net, funding: paid 7d − costs−$273as in the Funding arb table

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

costs, in and out, $10k−$2072.068% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.661%−$66 on $10k

Price spread, last 3 days (all we have)+0.857%+$86 · spread now −1.178%, 7d avg −0.293%

Together, before fees+0.196%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phemex is 0.886% cheaper against Coinbase International than usual: you would sell low and buy high (−$89 if the spread goes back to its 7-day average of −0.293%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International RENDER-PERP-INTX	1.8670	0.0352	pay 0.0044% / 1h	55m 52s	$154K	$69K	50x
Short	Phemex RENDERUSDT	1.8450	0.0100	get 0.0100% / 8h	1h 55m	$1.8M	$4.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −1.178%Rate

Funding earned: −$52.92
Price spread: −1.178% → −0.293%: −$88.58
Slippage, 4 orders: −$184.81
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$348.31
Costs to cover: 2.068%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 27 min ago; Phemex: 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, 27 min ago	7.99 bp	70.6 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.44 bp	30.4 bp −$30	95.5 bp −$955	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	−0.0576%	1h	1.8400	−1.446%	$6K	$165K	12x	as long as short
Variational Omni RENDER	−0.0369%	4h	1.8424	−1.317%	$222K	$296K	—	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8448	−1.188%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8446	−1.200%	$11K	$30K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8450	−1.181%	$264K	$184K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8430	−1.285%	$12.2M	$48.6M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8408	−1.403%	$12.0M	$14.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8430	−1.285%	$3.1M	$8.6M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8426	−1.307%	$536K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8430	−1.285%	$11.7M	$10.2M	200x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin RENDERUSDTM	+0.0100%	4h	1.8430	−1.285%	$5.0M	$12.9M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8430	−1.285%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8430	−1.285%	—	$4.4M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8456	−1.146%	$43K	$267K	50x	as long as short
Phemex RENDERUSDTshort	+0.0100%	8h	1.8450	−1.178%	$1.8M	$4.0M	50x
Extended RENDER-USD	+0.0104%	1h	1.8428	−1.298%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8377	−1.569%	$40K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8400	−1.446%	$595K	$1.4M	90x	as long as short
Coinbase International RENDER-PERP-INTXlong	+0.0352%	1h	1.8670	long leg	$154K	$69K	50x
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0904%	1h	1.8441	−1.228%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0579%	1h	1.8475	−1.042%	$469K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0778%	1h	1.8462	−1.114%	$4.2M	$3.7M	5x	as long as short