Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.056%

Price spread now: Phemex against Deribit+0.033%7-day average −0.019% · you sell dearer than you buy

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 3 days (all we have)−0.052%−$5 · spread now +0.033%, 7d avg −0.019%

Together, before fees+0.177%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phemex is 0.052% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit RENDER_USDC-PERPETUAL	1.8384	−0.0022	get 0.0003% / 1h	31m 06s	$10K	$30K	25x
Short	Phemex RENDERUSDT	1.8390	0.0100	get 0.0100% / 8h	1h 31m	$1.8M	$3.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.033%Rate

Funding earned: $25.6
Price spread: +0.033% → −0.019%: $5.17
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $11.77
Costs to cover: 0.190%
Break-even: 3.8 days

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago	2.72 bp	26.8 bp −$27	93.5 bp −$935	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	1.8390	+0.033%	$6K	$187K	12x	as long as short
Variational Omni RENDER	−0.0306%	4h	1.8373	−0.060%	$222K	$296K	—	as long as short
Deribit RENDER_USDC-PERPETUALlong	−0.0022%	1h	1.8384	long leg	$10K	$30K	25x
dYdX RENDER-USD	0.0000%	1h	1.8408	+0.128%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8410	+0.140%	$263K	$172K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8380	−0.022%	$12.2M	$48.1M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8354	−0.163%	$11.9M	$13.9M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8380	−0.022%	$3.1M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8388	+0.022%	$535K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8390	+0.033%	$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 RENDERUSDTM	+0.0100%	4h	1.8380	−0.022%	$5.0M	$12.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8390	+0.033%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8380	−0.022%	—	$4.3M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8378	−0.033%	$43K	$267K	50x	as long as short
Phemex RENDERUSDTshort	+0.0100%	8h	1.8390	+0.033%	$1.8M	$3.9M	50x
Extended RENDER-USD	+0.0104%	1h	1.8396	+0.067%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0131%	1h	1.8378	−0.033%	$40K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8410	+0.141%	$593K	$1.3M	90x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0352%	1h	1.8670	+1.556%	$154K	$67K	50x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0904%	1h	1.8401	+0.094%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0581%	1h	1.8412	+0.151%	$466K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0645%	1h	1.8420	+0.196%	$4.2M	$3.6M	5x	as long as short