Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0203%/8h= +22.2% APRpaid last 24h +0.003%

Price spread now: Phoenix against KuCoin−0.011%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$700.699% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.316%−$32 on $10k

Price spread, last 4 days (all we have)+0.245%+$25 · spread now −0.011%, 7d avg +0.040%

Together, before fees−0.071%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.051% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.040%). If the spread goes back, that is −$5 on $10k: about 20 hours of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.316%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin RENDERUSDTM	1.8310	0.0100	pay 0.0050% / 4h	3h 32m	$4.9M	$11.3M	50x
Short	Phoenix RENDER	1.8308	0.0303	get 0.0038% / 1h	32m 59s	$47K	$326K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.011%Rate

Funding earned: $42.66
Price spread: −0.011% → +0.040%: −$5.11
Slippage, 4 orders: −$50.93
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$32.39
Costs to cover: 0.699%
Break-even: 12.3 days

Slippage from KuCoin: live order book, 5 min ago; Phoenix: live order book, 18 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 KuCoin live order book, 5 min ago	2.73 bp	14.1 bp −$14	49.4 bp −$494	doesn't fit	doesn't fit
Sell Phoenix live order book, 18 min ago	1.08 bp	13.3 bp −$13	45.7 bp −$457	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 PERP	−0.0572%	1h	1.8310	0.000%	$12K	$194K	12x	as long as short
dYdX RENDER-USD	+0.0055%	1h	1.8267	−0.235%	$19K	$23K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	+0.0078%	1h	1.8298	−0.066%	$13K	$33K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8297	−0.072%	$268K	$155K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8290	−0.109%	$11.9M	$47.1M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8280	−0.164%	$11.7M	$13.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8300	−0.055%	$3.1M	$8.1M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8276	−0.186%	$536K	$1.3M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8290	−0.109%	$12.4M	$11.2M	200x	as long as short
KuCoin RENDERUSDTMlong	+0.0100%	4h	1.8310	long leg	$4.9M	$11.3M	50x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget RENDERUSDT	+0.0100%	4h	1.8290	−0.109%	$10.0M	$10.7M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8290	−0.109%	—	$3.4M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8262	−0.263%	$260K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8289	−0.115%	$40K	$256K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8290	−0.109%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8288	−0.119%	$26K	$201K	10x	as long as short
Phoenix RENDERshort	+0.0303%	1h	1.8308	−0.011%	$47K	$326K	5x
BloFin RENDER-USDT	+0.0340%	4h	1.8300	−0.055%	$567K	$1.1M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0372% / S −0.0956%	1h	1.8290	−0.111%	$16K	—	100x	as long as short
Hyperliquid RENDER	+0.0580%	1h	1.8314	+0.022%	$4.1M	$3.3M	5x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0616%	1h	1.8430	+0.655%	$153K	$58K	50x	as long as short
Kraken Futures PF_RENDERUSD	+0.1046%	1h	1.8320	+0.054%	$497K	$1.2M	50x	as long as short