RENDER

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0259%/8h= −28.4% APRnext payment −$0.32 per $10,000 · paid last 24h −0.053%

Price spread now: Deribit against Phoenix+0.220%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.220% dearer against Phoenix than usual: you sell high and buy low (spread +0.220% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 7 days (−0.107% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.107% in total (about -5.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. 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	Phoenix RENDER	1.8608	0.0259	pay 0.0032% / 1h	57m 12s	$48K	$315K	5x
Short	Deribit RENDER_USDC-PERPETUAL	1.8649	0	get 0.0000% / 1h	57m 12s	$11K	$30K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phoenix. 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 PhoenixbpFee DeribitbpOrdersPrice spread, now +0.220%Rate

Funding earned: −$54.45
Price spread: +0.220% → 0.000%: $22.03
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$46.42
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 64 min ago; Deribit: 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 Phoenix live order book, 64 min ago	1.08 bp	13.3 bp −$13	53.1 bp −$531	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Injective RENDER/USDC PERP	−0.0223%	1h	1.8600	−0.043%	$6K	$188K	12x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8577	−0.167%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUALshort	0.0000%	1h	1.8649	+0.220%	$11K	$30K	25x
Binance RENDERUSDT	+0.0100%	4h	1.8670	+0.331%	$12.5M	$47.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8643	+0.188%	$11.9M	$13.2M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8670	+0.333%	$3.1M	$8.3M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8606	−0.011%	$568K	$1.2M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8650	+0.226%	$13.1M	$11.2M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8660	+0.279%	$5.1M	$11.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8680	+0.387%	$10.2M	$10.8M	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	1.8640	+0.172%	—	$3.6M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8641	+0.178%	$265K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8674	+0.355%	$42K	$253K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8650	+0.226%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8645	+0.201%	$27K	$200K	10x	as long as short
Phoenix RENDERlong	+0.0259%	1h	1.8608	long leg	$48K	$315K	5x
Aster RENDERUSDT	+0.0320%	4h	1.8654	+0.246%	$270K	$144K	20x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8610	+0.011%	$592K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0367% / S −0.0912%	1h	1.8633	+0.137%	$16K	—	100x	as long as short
Hyperliquid RENDER	+0.0522%	1h	1.8662	+0.290%	$4.2M	$3.2M	5x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0720%	1h	1.8900	+1.569%	$155K	$57K	50x	as long as short
Kraken Futures PF_RENDERUSD	+0.1259%	1h	1.8670	+0.331%	$485K	$1.1M	50x	as long as short