Funding you earn now, next payment 23:00 UTC+0.0676%/8h= +74.0% APRpaid last 24h +0.235%
Price spread now: Phemex against Injective+0.108%7-day average +0.147% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.231%+$23 on $10k
+Price spread, last 3 days (all we have)−0.281%−$28 · spread now +0.108%, 7d avg +0.147%
=Funding pays, the price is against you. Phemex is 0.038% cheaper against Injective than usual: you would sell low and buy high (spread +0.108% now, against its 7-day average of +0.147%). If the spread goes back, that is −$4 on $10k: about 5 hours of funding at the current rate (+$20 a day). At the pace of the last 7 days (+0.231% in total) that is about 28 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.231% in total (about 12.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Injective RENDER/USDC PERP | 1.8450 | −0.0576 | get 0.0072% / 1h | 15m 16s | $6K | $187K | 12x |
| Short | Phemex RENDERUSDT | 1.8470 | 0.0100 | get 0.0100% / 8h | 1h 15m | $1.8M | $3.9M | 50x |
Injective RENDER/USDC PERP
Phemex RENDERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Injective. 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
- $141.93
- Price spread: +0.108% → +0.147%
- −$3.85
- Slippage, 4 orders
- no order book: not counted
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- $126.06
- Costs to cover
- 0.120%
- Break-even
- 0.8 days
Slippage unknown: Injective: live order book, 19 min ago; Phemex: live order book, 3 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 live order book, 19 min ago | 40.62 bp | doesn't fit | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 10.85 bp | 37.2 bp −$37 | 95.7 bp −$957 | doesn't fit | doesn't fit |
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 | −0.0576% | 1h | 1.8450 | long leg | $6K | $187K | 12x | |
| Variational Omni RENDER | −0.0268% | 4h | 1.8418 | −0.175% | $223K | $297K | — | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8467 | +0.094% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8464 | +0.076% | $11K | $30K | 25x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8470 | +0.108% | $267K | $175K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8471 | +0.111% | $12.2M | $47.8M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8450 | 0.000% | $12.0M | $13.7M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8460 | +0.054% | $3.1M | $8.4M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8455 | +0.027% | $534K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8460 | +0.054% | $12.0M | $10.5M | 200x | as long as short |
Variational Omni RENDER
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
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 | 1.8440 | −0.054% | $5.0M | $12.7M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8464 | +0.076% | $10.0M | $10.4M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8460 | +0.054% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8439 | −0.060% | $43K | $267K | 50x | as long as short |
| Phemex RENDERUSDTshort | +0.0100% | 8h | 1.8470 | +0.108% | $1.8M | $3.9M | 50x | |
| Extended RENDER-USD | +0.0104% | 1h | 1.8460 | +0.055% | $31K | $178K | 10x | as long as short |
| Phoenix RENDER | +0.0131% | 1h | 1.8456 | +0.033% | $47K | $325K | 5x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8430 | −0.108% | $593K | $1.3M | 90x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0352% | 1h | 1.8440 | −0.054% | $152K | $66K | 50x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0363% / S −0.0912% | 1h | 1.8458 | +0.043% | $15K | — | 100x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0578% | 1h | 1.8491 | +0.222% | $480K | $1.1M | 50x | as long as short |
| Hyperliquid RENDER | +0.0665% | 1h | 1.8506 | +0.304% | $4.2M | $3.5M | 5x | as long as short |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
BloFin RENDER-USDT
Coinbase International RENDER-PERP-INTX
GMX RENDER/USD [ETH-USDC]
Kraken Futures PF_RENDERUSD
Hyperliquid RENDER