Funding you earn now, next payment 05:00 UTC−0.0977%/8h= −107.0% APRnext payment −$1.22 per $10,000 · paid last 24h −0.134%
Price spread now: Phoenix against Kraken Futures+0.395%7-day average −0.027% · you sell dearer than you buy
Net, funding: paid 7d − costs−$150as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$640.638% of the position
Funding, last 7 days−0.865%−$86 on $10k
+Price spread, last 4 days (all we have)−0.229%−$23 · spread now +0.395%, 7d avg −0.027%
=The price spread pays, funding is against you. Phoenix is 0.422% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.395% now, against its 7-day average of −0.027%): +$42 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.865% in total) that is about 3.4 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_RENDERUSD | 1.8058 | 0.1242 | pay 0.0155% / 1h | 43m 20s | $481K | $1.2M | 50x |
| Short | Phoenix RENDER | 1.8129 | 0.0264 | get 0.0033% / 1h | 43m 20s | $47K | $334K | 5x |
Kraken Futures PF_RENDERUSD
Phoenix RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$205.26
- Price spread: +0.395% → −0.027%
- $42.21
- Slippage, 4 orders
- −$46.76
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$226.82
- Costs to cover
- 0.638%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Phoenix: live order book, 3 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, 5 min ago | 7.43 bp | 18.4 bp −$18 | 50.2 bp −$502 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 3 min ago | 1.10 bp | 13.5 bp −$13 | 45.5 bp −$455 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8039 | −0.104% | $18K | $37K | 25x | as long as short |
| dYdX RENDER-USD | +0.0021% | 1h | 1.8067 | +0.051% | $18K | $32K | 5x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8061 | +0.017% | $265K | $156K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8042 | −0.090% | $11.7M | $47.0M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8035 | −0.126% | $11.6M | $13.0M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8050 | −0.043% | $3.1M | $8.0M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8054 | −0.021% | $523K | $1.3M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8070 | +0.068% | $12.0M | $11.1M | 200x | as long as short |
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8080 | +0.123% | $4.8M | $11.0M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8047 | −0.059% | $9.8M | $10.6M | 50x | as long as short |
Deribit RENDER_USDC-PERPETUAL
dYdX RENDER-USD
Aster RENDERUSDT
Binance RENDERUSDT
Bybit RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDT
KuCoin RENDERUSDTM
Bitget RENDERUSDTShow 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 | +0.012% | — | $5.1M | — | as long as short |
| Variational Omni RENDER | +0.0100% | 4h | 1.8082 | +0.133% | $257K | $313K | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8095 | +0.206% | $40K | $250K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8050 | −0.043% | $1.8M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8035 | −0.125% | $26K | $190K | 10x | as long as short |
| Injective RENDER/USDC PERP | +0.0235% | 1h | 1.8080 | +0.123% | $11K | $194K | 12x | as long as short |
| Phoenix RENDERshort | +0.0264% | 1h | 1.8129 | +0.395% | $47K | $334K | 5x | |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8080 | +0.123% | $560K | $1.2M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0370% / S −0.0956% | 1h | 1.8045 | −0.072% | $16K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0584% | 1h | 1.8150 | +0.511% | $151K | $57K | 50x | as long as short |
| Hyperliquid RENDER | +0.0638% | 1h | 1.8098 | +0.224% | $4.1M | $3.3M | 5x | as long as short |
| Kraken Futures PF_RENDERUSDlong | +0.1242% | 1h | 1.8058 | long leg | $481K | $1.2M | 50x |
BingX RENDER-USDT
Variational Omni RENDER
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
Injective RENDER/USDC PERP
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Coinbase International RENDER-PERP-INTX
Hyperliquid RENDER