Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0484%/8h= +53.0% APRpaid last 24h +0.068%

Price spread now: Coinbase International against Phemex0.000%7-day average +0.313% · you sell dearer than you buy

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$1711.712% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.676%+$68 on $10k

Price spread, last 4 days (all we have)+0.483%+$48 · spread now 0.000%, 7d avg +0.313%

Together, before fees+1.158%+$116 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.313% cheaper against Phemex than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.313%). If the spread goes back, that is −$31 on $10k: about 2.2 days of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex RENDERUSDT	1.8160	0.0100	pay 0.0100% / 8h	2h 00m	$1.8M	$4.0M	50x
Short	Coinbase International RENDER-PERP-INTX	1.8160	0.0584	get 0.0073% / 1h	0m 37s	$150K	$62K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now 0.000%Rate

Funding earned: $101.64
Price spread: 0.000% → +0.313%: −$31.26
Slippage, 4 orders: −$149.16
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$100.78
Costs to cover: 1.712%
Break-even: 13.9 days

Slippage from Phemex: live order book, 3 min ago; Coinbase International: live order book, 47 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 Phemex live order book, 3 min ago	5.52 bp	25.3 bp −$25	83.3 bp −$833	doesn't fit	doesn't fit
Sell Coinbase International live order book, 47 min ago	22.05 bp	55.8 bp −$56	doesn't fit	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
dYdX RENDER-USD	+0.0009%	1h	1.8155	−0.030%	$18K	$22K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	+0.0025%	1h	1.8166	+0.033%	$18K	$37K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8183	+0.128%	$278K	$177K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8142	−0.101%	$11.8M	$47.8M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8140	−0.110%	$11.8M	$13.4M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8160	0.000%	$3.1M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8146	−0.077%	$521K	$1.3M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8140	−0.110%	$11.2M	$11.6M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8150	−0.055%	$4.8M	$10.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8150	−0.055%	$9.9M	$10.9M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX RENDER-USDT	+0.0100%	4h	1.8150	−0.055%	—	$5.2M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8152	−0.046%	$257K	$314K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8139	−0.116%	$40K	$250K	50x	as long as short
Phemex RENDERUSDTlong	+0.0100%	8h	1.8160	long leg	$1.8M	$4.0M	50x
Extended RENDER-USD	+0.0104%	1h	1.8143	−0.096%	$26K	$195K	10x	as long as short
Injective RENDER/USDC PERP	+0.0235%	1h	1.7950	−1.156%	$11K	$194K	12x	as long as short
Phoenix RENDER	+0.0264%	1h	1.8164	+0.022%	$47K	$334K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8170	+0.055%	$605K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0906%	1h	1.8149	−0.062%	$15K	—	100x	as long as short
Coinbase International RENDER-PERP-INTXshort	+0.0584%	1h	1.8160	0.000%	$150K	$62K	50x
Hyperliquid RENDER	+0.0649%	1h	1.8171	+0.061%	$4.1M	$3.3M	5x	as long as short
Kraken Futures PF_RENDERUSD	+0.1233%	1h	1.8181	+0.118%	$424K	$1.3M	50x	as long as short