Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.056%

Price spread now: Gate against Deribit−0.081%7-day average −0.036% · you buy dearer than you sell

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

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.273%+$27 on $10k

Price spread, last 3 days (all we have)+0.531%+$53 · spread now −0.081%, 7d avg −0.036%

Together, before fees+0.804%+$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.046% cheaper against Deribit than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of −0.036%). If the spread goes back, that is −$5 on $10k: about 37 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit RENDER_USDC-PERPETUAL	1.8420	0	get 0.0000% / 1h	12m 06s	$11K	$30K	25x
Short	Gate RENDER_USDT	1.8405	0.0100	get 0.0050% / 4h	1h 12m	$533K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Deribit. 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 DeribitbpFee GatebpOrdersPrice spread, now −0.081%Rate

Funding earned: $21
Price spread: −0.081% → −0.036%: −$4.57
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$5.57
Costs to cover: 0.220%
Break-even: 8.9 days

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 5 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Gate live order book, 5 min ago	3.80 bp	34.8 bp −$35	158.8 bp −$1,588	doesn't fit	doesn't fit

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	−0.0576%	1h	1.8450	+0.163%	$6K	$187K	12x	as long as short
Variational Omni RENDER	−0.0268%	4h	1.8418	−0.012%	$223K	$297K	—	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8406	−0.074%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUALlong	0.0000%	1h	1.8420	long leg	$11K	$30K	25x
Aster RENDERUSDT	+0.0100%	4h	1.8418	−0.010%	$266K	$175K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8400	−0.108%	$12.2M	$47.5M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8400	−0.109%	$11.9M	$13.7M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8400	−0.109%	$3.1M	$8.3M	20x	as long as short
Gate RENDER_USDTshort	+0.0100%	4h	1.8405	−0.081%	$533K	$1.1M	50x
MEXC RENDER_USDT	+0.0100%	4h	1.8420	0.000%	$12.3M	$10.7M	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	1.8390	−0.163%	$5.0M	$12.6M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8405	−0.081%	$9.9M	$10.3M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8400	−0.109%	—	$4.2M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8439	+0.103%	$43K	$267K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8400	−0.109%	$1.8M	$3.9M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8421	+0.003%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0131%	1h	1.8477	+0.309%	$47K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8430	+0.054%	$593K	$1.3M	90x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0352%	1h	1.8440	+0.109%	$152K	$66K	50x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0362% / S −0.0912%	1h	1.8414	−0.034%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0580%	1h	1.8436	+0.087%	$478K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0710%	1h	1.8444	+0.130%	$4.2M	$3.5M	5x	as long as short