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 −0.047%

Price spread now: KuCoin against Coinbase International−1.446%7-day average −0.264% · you buy dearer than you sell

Net, funding: paid 7d − costs−$247as in the Funding arb table

Net, price: spread back to 7d avg − costs−$320as in the Price arb table

costs, in and out, $10k−$2022.017% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.453%−$45 on $10k

Price spread, last 3 days (all we have)+1.338%+$134 · spread now −1.446%, 7d avg −0.264%

Together, before fees+0.884%+$88 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 KuCoin is 1.182% cheaper against Coinbase International than usual: you would sell low and buy high (−$118 if the spread goes back to its 7-day average of −0.264%). Swap the legs.

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	25m 38s	$154K	$67K	50x
Short	KuCoin RENDERUSDTM	1.8400	0.0100	get 0.0050% / 4h	1h 25m	$5.0M	$12.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Coinbase International. 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 Coinbase InternationalbpFee KuCoinbpOrdersPrice spread, now −1.446%Rate

Funding earned: −$52.92
Price spread: −1.446% → −0.264%: −$118.18
Slippage, 4 orders: −$179.72
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$372.82
Costs to cover: 2.017%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 57 min ago; KuCoin: live order book, 3 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, 57 min ago	7.99 bp	70.6 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	2.72 bp	14.1 bp −$14	50.2 bp −$502	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	−0.0576%	1h	1.8380	−1.553%	$6K	$187K	12x	as long as short
Variational Omni RENDER	−0.0300%	4h	1.8383	−1.539%	$221K	$296K	—	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8407	−1.409%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8413	−1.377%	$10K	$30K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8440	−1.231%	$263K	$173K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8420	−1.339%	$12.2M	$48.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8400	−1.446%	$12.0M	$13.9M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8420	−1.339%	$3.1M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8409	−1.398%	$536K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8420	−1.339%	$11.8M	$10.5M	200x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin RENDERUSDTMshort	+0.0100%	4h	1.8400	−1.446%	$5.0M	$12.8M	50x
Bitget RENDERUSDT	+0.0100%	4h	1.8421	−1.334%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8420	−1.339%	—	$4.3M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8403	−1.430%	$43K	$267K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8410	−1.393%	$1.8M	$3.9M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8417	−1.358%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0131%	1h	1.8419	−1.344%	$40K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8400	−1.446%	$593K	$1.3M	90x	as long as short
Coinbase International RENDER-PERP-INTXlong	+0.0352%	1h	1.8670	long leg	$154K	$67K	50x
GMX RENDER/USD [ETH-USDC]	L +0.0362% / S −0.0912%	1h	1.8414	−1.369%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0580%	1h	1.8435	−1.259%	$466K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0629%	1h	1.8452	−1.168%	$4.2M	$3.6M	5x	as long as short