Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0232%/8h= +25.4% APRpaid last 24h +0.225%

Price spread now: Bybit against Injective−0.107%48s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.353%+$35 on $10k

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 0.107% cheaper against Injective than usual: you would sell low and buy high (spread −0.107% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 37 hours of funding at the current rate (+$7 a day). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective RENDER/USDC PERP	1.8630	−0.0440	get 0.0055% / 1h	42m 33s	$6K	$141K	12x
Short	Bybit RENDERUSDT	1.8610	−0.0208	pay 0.0104% / 4h	2h 42m	$12.1M	$14.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now −0.107%Rate

Funding earned: $48.72
Price spread: −0.107% → 0.000%: −$10.74
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $26.96
Costs to cover: 0.110%
Break-even: 3.1 days

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 6 min ago	2.69 bp	19.5 bp −$19	51.9 bp −$519	496.9 bp −$49.7K	doesn't fit

Injective: 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 PERPlong	−0.0440%	1h	1.8630	long leg	$6K	$141K	12x
Variational Omni RENDER	−0.0246%	4h	1.8580	−0.268%	$223K	$255K	—	as long as short
Bybit RENDERUSDTshort	−0.0208%	4h	1.8610	−0.107%	$12.1M	$14.6M	50x
Deribit RENDER_USDC-PERPETUAL	−0.0126%	1h	1.8623	−0.038%	$11K	$33K	25x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8629	−0.003%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8640	+0.054%	$271K	$189K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8632	+0.012%	$12.4M	$49.1M	75x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8630	0.000%	$3.2M	$8.8M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8617	−0.070%	$545K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8630	0.000%	$12.1M	$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	1.8610	−0.107%	$5.2M	$13.0M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8630	0.000%	$10.0M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8620	−0.054%	—	$4.3M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8618	−0.064%	$44K	$265K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8610	−0.107%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8634	+0.023%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8615	−0.081%	$40K	$336K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8590	−0.215%	$602K	$1.4M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0341% / S −0.0785%	1h	1.8624	−0.033%	$14K	—	100x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0520%	1h	1.8570	−0.322%	$153K	$68K	50x	as long as short
Kraken Futures PF_RENDERUSD	+0.0746%	1h	1.8650	+0.105%	$487K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.1029%	1h	1.8651	+0.113%	$4.2M	$4.3M	5x	as long as short