Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.160%

Price spread now: BingX against dYdX−0.091%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.091% cheaper against dYdX than usual: you would sell low and buy high (spread −0.091% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX RENDER-USD	1.8647	0	get 0.0000% / 1h	11m 48s	$19K	$21K	5x
Short	BingX RENDER-USDT	1.8630	0.0100	get 0.0050% / 4h	3h 11m	—	$3.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. 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 dYdXbpFee BingXbpOrdersPrice spread, now −0.091%Rate

Funding earned: $21
Price spread: −0.091% → 0.000%: −$9.12
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$8.12
Costs to cover: 0.200%
Break-even: 9.7 days

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 8 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 dYdX no order-book sample	—	—	—	—	—
Sell BingX live order book, 8 min ago	2.67 bp	10.9 bp −$11	17.7 bp −$177	64.1 bp −$6,413	doesn't fit

dYdX: 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	−0.0213%	1h	1.8840	+1.035%	$6K	$188K	12x	as long as short
Coinbase International RENDER-PERP-INTX	−0.0040%	1h	1.8830	+0.981%	$155K	$65K	50x	as long as short
Variational Omni RENDER	−0.0011%	4h	1.8797	+0.805%	$231K	$280K	—	as long as short
dYdX RENDER-USDlong	0.0000%	1h	1.8647	long leg	$19K	$21K	5x
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8642	−0.027%	$11K	$30K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8634	−0.071%	$269K	$146K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8644	−0.016%	$12.5M	$46.1M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8640	−0.038%	$12.1M	$13.0M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8650	+0.016%	$3.2M	$8.2M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8616	−0.166%	$526K	$1.1M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC RENDER_USDT	+0.0100%	4h	1.8640	−0.038%	$11.9M	$10.9M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8630	−0.091%	$5.2M	$12.0M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8647	0.000%	$10.0M	$10.5M	50x	as long as short
BingX RENDER-USDTshort	+0.0100%	4h	1.8630	−0.091%	—	$3.9M	—
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8869	+1.191%	$47K	$269K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8660	+0.070%	$1.9M	$3.9M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8623	−0.127%	$29K	$205K	10x	as long as short
Phoenix RENDER	+0.0171%	1h	1.8727	+0.429%	$48K	$324K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8700	+0.284%	$594K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0365% / S −0.0912%	1h	1.8650	+0.015%	$16K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0405%	1h	1.8674	+0.147%	$479K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0845%	1h	1.8686	+0.209%	$4.3M	$3.4M	5x	as long as short