Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0270%/8h= −29.6% APRpaid last 24h −0.061%

Price spread now: OKX against GMX+0.251%7-day average — · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. OKX is 0.251% dearer against GMX than usual: you sell high and buy low (spread +0.251% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX RENDER/USD [ETH-USDC]	1.8045	L +0.0370% / S −0.0956%	pay 0.0046% / 1h	43m 25s	$16K	—	100x
Short	OKX RENDER-USDT-SWAP	1.8090	0.0100	get 0.0050% / 4h	2h 43m	$3.1M	$8.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against GMX. 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 GMXbpFee OKXbpOrdersPrice spread, now +0.251%Rate

Funding earned: −$56.78
Price spread: +0.251% → 0.000%: $25.08
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$53.7
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; OKX: live order book, 5 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 GMX no order-book sample	—	—	—	—	—
Sell OKX live order book, 5 min ago	2.75 bp	18.0 bp −$18	50.1 bp −$501	doesn't fit	doesn't fit

GMX: 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
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8099	+0.301%	$18K	$37K	25x	as long as short
dYdX RENDER-USD	+0.0021%	1h	1.8067	+0.123%	$18K	$32K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8088	+0.242%	$265K	$156K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8045	−0.001%	$11.8M	$47.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8028	−0.093%	$11.6M	$13.0M	50x	as long as short
OKX RENDER-USDT-SWAPshort	+0.0100%	4h	1.8090	+0.251%	$3.1M	$8.0M	20x
Gate RENDER_USDT	+0.0100%	4h	1.8068	+0.129%	$525K	$1.3M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8070	+0.140%	$12.0M	$11.1M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8080	+0.195%	$4.8M	$11.0M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8083	+0.212%	$9.8M	$10.6M	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	1.8060	+0.085%	—	$5.1M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8082	+0.206%	$257K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8095	+0.279%	$40K	$250K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8090	+0.251%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8069	+0.136%	$26K	$190K	10x	as long as short
Injective RENDER/USDC PERP	+0.0235%	1h	1.8090	+0.251%	$11K	$194K	12x	as long as short
Phoenix RENDER	+0.0264%	1h	1.8129	+0.467%	$47K	$334K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8100	+0.306%	$561K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]long	L +0.0370% / S −0.0956%	1h	1.8045	long leg	$16K	—	100x
Coinbase International RENDER-PERP-INTX	+0.0584%	1h	1.8150	+0.583%	$151K	$57K	50x	as long as short
Hyperliquid RENDER	+0.0638%	1h	1.8098	+0.296%	$4.1M	$3.3M	5x	as long as short
Kraken Futures PF_RENDERUSD	+0.1238%	1h	1.8118	+0.406%	$486K	$1.2M	50x	as long as short