Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0856%/8h= +93.7% APRpaid last 24h +0.177%

Price spread now: GMX against Phemex−0.029%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.029% cheaper against Phemex than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$26 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex RENDERUSDT	1.8050	0.0100	pay 0.0100% / 8h	2h 43m	$1.8M	$4.0M	50x
Short	GMX RENDER/USD [ETH-USDC]	1.8045	L +0.0370% / S −0.0956%	get 0.0119% / 1h	43m 13s	$16K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.029%Rate

Funding earned: $179.72
Price spread: −0.029% → 0.000%: −$2.91
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $152.8
Costs to cover: 0.240%
Break-even: 1.0 days

Slippage unknown: Phemex: live order book, 6 min ago; GMX: no order-book sample. 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 Phemex live order book, 6 min ago	5.50 bp	27.8 bp −$28	94.9 bp −$949	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.061%	$18K	$37K	25x	as long as short
dYdX RENDER-USD	+0.0021%	1h	1.8067	+0.094%	$18K	$32K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8061	+0.060%	$265K	$156K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8042	−0.047%	$11.7M	$47.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8035	−0.083%	$11.6M	$13.0M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8050	0.000%	$3.1M	$8.0M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8054	+0.022%	$523K	$1.3M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8070	+0.111%	$12.0M	$11.1M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8080	+0.166%	$4.8M	$11.0M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8047	−0.017%	$9.8M	$10.6M	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	1.8060	+0.055%	—	$5.1M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8082	+0.176%	$257K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8095	+0.249%	$40K	$250K	50x	as long as short
Phemex RENDERUSDTlong	+0.0100%	8h	1.8050	long leg	$1.8M	$4.0M	50x
Extended RENDER-USD	+0.0104%	1h	1.8035	−0.082%	$26K	$190K	10x	as long as short
Injective RENDER/USDC PERP	+0.0235%	1h	1.8080	+0.166%	$11K	$194K	12x	as long as short
Phoenix RENDER	+0.0264%	1h	1.8129	+0.438%	$47K	$334K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8080	+0.166%	$560K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]short	L +0.0370% / S −0.0956%	1h	1.8045	−0.029%	$16K	—	100x
Coinbase International RENDER-PERP-INTX	+0.0584%	1h	1.8150	+0.554%	$151K	$57K	50x	as long as short
Hyperliquid RENDER	+0.0638%	1h	1.8098	+0.267%	$4.1M	$3.3M	5x	as long as short
Kraken Futures PF_RENDERUSD	+0.1242%	1h	1.8058	+0.043%	$481K	$1.2M	50x	as long as short