Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0252%/8h= −27.6% APRpaid last 24h −0.055%

Price spread now: Bybit against Coinbase International−1.521%54s7-day average −0.359% · you buy dearer than you sell

Net, funding: paid 7d − costs−$232as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1791.791% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.534%−$53 on $10k

Price spread, last 3 days (all we have)+1.326%+$133 · spread now −1.521%, 7d avg −0.359%

Together, before fees+0.792%+$79 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 1.162% cheaper against Coinbase International than usual: you would sell low and buy high (−$116 if the spread goes back to its 7-day average of −0.359%). Swap the legs. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International RENDER-PERP-INTX	1.8670	0.0352	pay 0.0044% / 1h	52m 27s	$154K	$69K	50x
Short	Bybit RENDERUSDT	1.8386	0.0100	get 0.0050% / 4h	1h 52m	$12.0M	$14.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −1.521%Rate

Funding earned: −$52.92
Price spread: −1.521% → −0.359%: −$116.17
Slippage, 4 orders: −$158.06
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$348.15
Costs to cover: 1.791%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 30 min ago; Bybit: live order book, 6 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 Coinbase International live order book, 30 min ago	7.99 bp	70.6 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	2.73 bp	14.1 bp −$14	35.9 bp −$359	341.4 bp −$34.1K	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	−0.0576%	1h	1.8450	−1.178%	$6K	$165K	12x	as long as short
Variational Omni RENDER	−0.0355%	4h	1.8443	−1.214%	$222K	$296K	—	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8398	−1.456%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8408	−1.403%	$10K	$30K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8427	−1.299%	$263K	$181K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8411	−1.385%	$12.2M	$48.6M	75x	as long as short
Bybit RENDERUSDTshort	+0.0100%	4h	1.8386	−1.521%	$12.0M	$14.2M	50x
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8410	−1.393%	$3.1M	$8.5M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8419	−1.344%	$536K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8410	−1.393%	$11.4M	$10.3M	200x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin RENDERUSDTM	+0.0100%	4h	1.8400	−1.446%	$5.0M	$12.9M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8406	−1.414%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8420	−1.339%	—	$4.4M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8464	−1.103%	$43K	$268K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8410	−1.393%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8401	−1.439%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0131%	1h	1.8377	−1.569%	$40K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8430	−1.285%	$595K	$1.3M	90x	as long as short
Coinbase International RENDER-PERP-INTXlong	+0.0352%	1h	1.8670	long leg	$154K	$69K	50x
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0904%	1h	1.8406	−1.414%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0580%	1h	1.8432	−1.276%	$468K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0815%	1h	1.8442	−1.221%	$4.2M	$3.6M	5x	as long as short