Funding you earn now, next payment 22:00 UTC+0.0131%/8h= +14.3% APRnext payment +$0.16 per $10,000 · paid last 24h +0.051%
Price spread now: Phoenix against Deribit−0.454%7-day average +0.050% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.084%+$8 on $10k
+Price spread, last 3 days (all we have)+1.121%+$112 · spread now −0.454%, 7d avg +0.050%
=Funding pays, the price is against you. Phoenix is 0.504% cheaper against Deribit than usual: you would sell low and buy high (spread −0.454% now, against its 7-day average of +0.050%). If the spread goes back, that is −$50 on $10k: about 13 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.084% in total) that is about 39 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit RENDER_USDC-PERPETUAL | 1.8512 | 0 | get 0.0000% / 1h | 24m 29s | $11K | $30K | 25x |
| Short | Phoenix RENDER | 1.8428 | 0.0131 | get 0.0016% / 1h | 24m 29s | $40K | $325K | 5x |
Deribit RENDER_USDC-PERPETUAL
Phoenix RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $27.41
- Price spread: −0.454% → +0.050%
- −$50.41
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$37
- Costs to cover
- 0.140%
- Break-even
- 16.4 days
Slippage unknown: Deribit: no order-book sample; Phoenix: live order book, 56 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 Phoenix live order book, 56 min ago | 1.07 bp | 13.6 bp −$14 | 45.8 bp −$458 | doesn't fit | 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 | 1.8400 | −0.605% | $6K | $187K | 12x | as long as short |
| Variational Omni RENDER | −0.0284% | 4h | 1.8403 | −0.590% | $223K | $297K | — | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8488 | −0.132% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUALlong | 0.0000% | 1h | 1.8512 | long leg | $11K | $30K | 25x | |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8501 | −0.059% | $264K | $176K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8470 | −0.227% | $12.2M | $48.1M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8447 | −0.351% | $12.0M | $13.9M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8480 | −0.173% | $3.1M | $8.5M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8488 | −0.130% | $536K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8500 | −0.065% | $11.9M | $10.5M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
dYdX RENDER-USD
Aster RENDERUSDT
Binance RENDERUSDT
Bybit RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8480 | −0.173% | $5.0M | $12.7M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8497 | −0.081% | $10.0M | $10.5M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8500 | −0.065% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8403 | −0.589% | $43K | $267K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8500 | −0.065% | $1.8M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8486 | −0.138% | $31K | $178K | 10x | as long as short |
| Phoenix RENDERshort | +0.0131% | 1h | 1.8428 | −0.454% | $40K | $325K | 5x | |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8480 | −0.173% | $593K | $1.3M | 90x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0352% | 1h | 1.8440 | −0.389% | $152K | $66K | 50x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0363% / S −0.0912% | 1h | 1.8501 | −0.061% | $15K | — | 100x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0577% | 1h | 1.8539 | +0.146% | $485K | $1.1M | 50x | as long as short |
| Hyperliquid RENDER | +0.0625% | 1h | 1.8518 | +0.032% | $4.2M | $3.5M | 5x | as long as short |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
BloFin RENDER-USDT
Coinbase International RENDER-PERP-INTX
GMX RENDER/USD [ETH-USDC]
Kraken Futures PF_RENDERUSD
Hyperliquid RENDER