Funding you earn now, next payment 21:00 UTC−0.0902%/8h= −98.8% APRpaid last 24h −0.090%
Price spread now: Bybit against Kraken Futures−0.612%55s7-day average −0.160% · you buy dearer than you sell
Net, funding: paid 7d − costs−$143as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$900.897% of the position
Funding, last 7 days−0.531%−$53 on $10k
+Price spread, last 3 days (all we have)+0.910%+$91 · spread now −0.612%, 7d avg −0.160%
=Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Bybit is 0.453% cheaper against Kraken Futures than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of −0.160%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.531% in total (about -27.7% 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 | Kraken Futures PF_RENDERUSD | 1.8500 | 0.1002 | pay 0.0125% / 1h | 29m 25s | $481K | $1.1M | 50x |
| Short | Bybit RENDERUSDT | 1.8387 | 0.0100 | get 0.0050% / 4h | 3h 29m | $12.0M | $14.6M | 50x |
Kraken Futures PF_RENDERUSD
Bybit RENDERUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Kraken Futures. 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
- −$189.44
- Price spread: −0.612% → −0.160%
- −$45.26
- Slippage, 4 orders
- −$68.72
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$324.43
- Costs to cover
- 0.897%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Bybit: live order book, 4 min ago.
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 Kraken Futures live order book, 4 min ago | 13.21 bp | 35.9 bp −$36 | 75.8 bp −$758 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 5.40 bp | 18.4 bp −$18 | 57.5 bp −$575 | 418.9 bp −$41.9K | 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 PERP | −0.0120% | 1h | 1.8540 | +0.215% | $6K | $92K | 12x | as long as short |
| Variational Omni RENDER | −0.0078% | 4h | 1.8515 | +0.078% | $222K | $254K | — | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8450 | −0.272% | $19K | $22K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8466 | −0.185% | $11K | $57K | 25x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8468 | −0.176% | $273K | $190K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8410 | −0.488% | $12.1M | $48.7M | 75x | as long as short |
| Bybit RENDERUSDTshort | +0.0100% | 4h | 1.8387 | −0.612% | $12.0M | $14.6M | 50x | |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8420 | −0.434% | $3.2M | $8.6M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8373 | −0.688% | $521K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8400 | −0.542% | $11.0M | $9.9M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
Aster RENDERUSDT
Binance 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 | 1.8450 | −0.272% | $5.2M | $13.3M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8415 | −0.461% | $9.8M | $10.3M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8400 | −0.542% | — | $4.2M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8544 | +0.236% | $44K | $259K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8460 | −0.218% | $1.9M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8407 | −0.503% | $31K | $179K | 10x | as long as short |
| Phoenix RENDER | +0.0220% | 1h | 1.8524 | +0.128% | $40K | $335K | 5x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0337% / S −0.0785% | 1h | 1.8413 | −0.474% | $14K | — | 100x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8530 | +0.161% | $578K | $1.4M | 90x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0440% | 1h | 1.8580 | +0.431% | $156K | $61K | 50x | as long as short |
| Kraken Futures PF_RENDERUSDlong | +0.1002% | 1h | 1.8500 | long leg | $481K | $1.1M | 50x | |
| Hyperliquid RENDER | +0.1310% | 1h | 1.8458 | −0.228% | $4.2M | $4.3M | 5x | as long as short |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
GMX RENDER/USD [ETH-USDC]
BloFin RENDER-USDT
Coinbase International RENDER-PERP-INTX
Hyperliquid RENDER