Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.203%

Price spread now: Bybit against dYdX−0.175%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.175% cheaper against dYdX than usual: you would sell low and buy high (spread −0.175% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 5.8 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX RENDER-USD	1.8398	0	get 0.0000% / 1h	57m 29s	$19K	$21K	5x
Short	Bybit RENDERUSDT	1.8366	0.0100	get 0.0050% / 4h	1h 57m	$12.0M	$14.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.175%Rate

Funding earned: $21
Price spread: −0.175% → 0.000%: −$17.48
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$17.48
Costs to cover: 0.210%
Break-even: 12.8 days

Slippage unknown: dYdX: no order-book sample; Bybit: live order book, 6 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 dYdX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 6 min ago	2.71 bp	16.6 bp −$17	42.1 bp −$421	327.5 bp −$32.8K	doesn't fit

dYdX: 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	−0.099%	$6K	$165K	12x	as long as short
Variational Omni RENDER	−0.0369%	4h	1.8424	+0.141%	$222K	$296K	—	as long as short
Deribit RENDER_USDC-PERPETUAL	−0.0241%	1h	1.8330	−0.370%	$10K	$30K	25x	as long as short
dYdX RENDER-USDlong	0.0000%	1h	1.8398	long leg	$19K	$21K	5x
Aster RENDERUSDT	+0.0100%	4h	1.8407	+0.051%	$263K	$184K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8397	−0.005%	$12.2M	$48.6M	75x	as long as short
Bybit RENDERUSDTshort	+0.0100%	4h	1.8366	−0.175%	$12.0M	$14.2M	50x
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8390	−0.044%	$3.1M	$8.5M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8378	−0.110%	$535K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8390	−0.044%	$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	−0.044%	$5.0M	$12.9M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8398	−0.001%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8380	−0.099%	—	$4.4M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8456	+0.314%	$43K	$267K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8360	−0.207%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8390	−0.045%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8377	−0.115%	$40K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8410	+0.064%	$595K	$1.4M	90x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0352%	1h	1.8670	+1.478%	$154K	$69K	50x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0904%	1h	1.8403	+0.026%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0582%	1h	1.8380	−0.099%	$467K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0748%	1h	1.8426	+0.151%	$4.2M	$3.7M	5x	as long as short