Funding arb · Price arb /

RENDER

all RENDER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.042%

Price spread now: Coinbase International against Gate−0.214%7-day average +0.312% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$294as in the Price arb table

costs, in and out, $10k−$2422.415% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.617%+$62 on $10k

Price spread, last 3 days (all we have)+0.354%+$35 · spread now −0.214%, 7d avg +0.312%

Together, before fees+0.972%+$97 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.526% cheaper against Gate than usual: you would sell low and buy high (spread −0.214% now, against its 7-day average of +0.312%). If the spread goes back, that is −$53 on $10k: about 4.2 days of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate RENDER_USDT	1.8680	0.0100	pay 0.0050% / 4h	2h 36m	$547K	$1.1M	50x
Short	Coinbase International RENDER-PERP-INTX	1.8640	0.0520	get 0.0065% / 1h	36m 57s	$154K	$68K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now −0.214%Rate

Funding earned: $88.2
Price spread: −0.214% → +0.312%: −$52.63
Slippage, 4 orders: −$216.51
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$205.94
Costs to cover: 2.415%
Break-even: 23.3 days

Slippage from Gate: live order book, just now; Coinbase International: live order book, 50 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 Gate live order book, just now	5.90 bp	57.1 bp −$57	194.4 bp −$1,944	doesn't fit	doesn't fit
Sell Coinbase International live order book, 50 min ago	10.85 bp	72.6 bp −$73	doesn't fit	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	−0.0440%	1h	1.8640	−0.214%	$6K	$141K	12x	as long as short
Variational Omni RENDER	−0.0257%	4h	1.8615	−0.347%	$225K	$258K	—	as long as short
Bybit RENDERUSDT	−0.0105%	4h	1.8654	−0.139%	$12.2M	$14.6M	50x	as long as short
Deribit RENDER_USDC-PERPETUAL	−0.0071%	1h	1.8691	+0.059%	$11K	$30K	25x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8699	+0.104%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8690	+0.054%	$272K	$189K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8697	+0.093%	$12.5M	$49.0M	75x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8680	0.000%	$3.2M	$8.8M	20x	as long as short
Gate RENDER_USDTlong	+0.0100%	4h	1.8680	long leg	$547K	$1.1M	50x
MEXC RENDER_USDT	+0.0100%	4h	1.8680	0.000%	$12.0M	$10.2M	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	1.8670	−0.054%	$5.2M	$13.0M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8678	−0.011%	$10.0M	$10.3M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8690	+0.054%	—	$4.3M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8646	−0.182%	$44K	$265K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8690	+0.054%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8680	+0.001%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8683	+0.016%	$40K	$336K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8700	+0.107%	$601K	$1.4M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0341% / S −0.0785%	1h	1.8692	+0.063%	$14K	—	100x	as long as short
Coinbase International RENDER-PERP-INTXshort	+0.0520%	1h	1.8640	−0.214%	$154K	$68K	50x
Kraken Futures PF_RENDERUSD	+0.0743%	1h	1.8718	+0.203%	$490K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0907%	1h	1.8713	+0.177%	$4.3M	$4.3M	5x	as long as short