Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0341%/8h= +37.3% APRpaid last 24h +0.056%

Price spread now: BingX against Deribit+0.273%7-day average −0.016% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 3 days (all we have)+0.158%+$16 · spread now +0.273%, 7d avg −0.016%

Together, before fees+0.585%+$59 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and BingX is 0.288% dearer against Deribit than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit RENDER_USDC-PERPETUAL	1.8330	−0.0241	get 0.0030% / 1h	57m 36s	$10K	$30K	25x
Short	BingX RENDER-USDT	1.8380	0.0100	get 0.0050% / 4h	1h 57m	—	$4.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now +0.273%Rate

Funding earned: $71.56
Price spread: +0.273% → −0.016%: $28.84
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $83.39
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; BingX: live order book, 8 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell BingX live order book, 8 min ago	5.43 bp	10.4 bp −$10	17.4 bp −$174	57.2 bp −$5,718	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	1.8380	+0.273%	$6K	$165K	12x	as long as short
Variational Omni RENDER	−0.0369%	4h	1.8424	+0.514%	$222K	$296K	—	as long as short
Deribit RENDER_USDC-PERPETUALlong	−0.0241%	1h	1.8330	long leg	$10K	$30K	25x
dYdX RENDER-USD	0.0000%	1h	1.8398	+0.372%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8394	+0.350%	$263K	$184K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8400	+0.382%	$12.2M	$48.6M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8367	+0.202%	$12.0M	$14.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8390	+0.327%	$3.1M	$8.5M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8378	+0.262%	$535K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8400	+0.382%	$11.4M	$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	1.8390	+0.327%	$5.0M	$12.9M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8393	+0.344%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDTshort	+0.0100%	4h	1.8380	+0.273%	—	$4.4M	—
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8456	+0.687%	$43K	$267K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8360	+0.164%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8390	+0.327%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8464	+0.731%	$40K	$324K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8410	+0.436%	$595K	$1.4M	90x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0352%	1h	1.8670	+1.855%	$154K	$69K	50x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0904%	1h	1.8358	+0.150%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0582%	1h	1.8380	+0.272%	$467K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0741%	1h	1.8423	+0.507%	$4.2M	$3.7M	5x	as long as short