Funding you earn now, next payment 04:00 UTC−0.0423%/8h= −46.3% APRnext payment −$0.53 per $10,000 · paid last 24h −0.071%
Price spread now: Coinbase International against Kraken Futures−0.116%7-day average +0.215% · you buy dearer than you sell
Net, funding: paid 7d − costs−$96as in the Funding arb table
Net, price: spread back to 7d avg − costs−$122as in the Price arb table
costs, in and out, $10k−$890.889% of the position
Funding, last 7 days−0.074%−$7 on $10k
+Price spread, last 4 days (all we have)+0.342%+$34 · spread now −0.116%, 7d avg +0.215%
=Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Coinbase International is 0.332% cheaper against Kraken Futures than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of +0.215%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.074% in total (about -3.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.53 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_RENDERUSD | 1.8451 | 0.1039 | pay 0.0130% / 1h | 49m 35s | $490K | $1.2M | 50x |
| Short | Coinbase International RENDER-PERP-INTX | 1.8430 | 0.0616 | get 0.0077% / 1h | 49m 35s | $153K | $59K | 50x |
Kraken Futures PF_RENDERUSD
Coinbase International RENDER-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Kraken Futures. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$88.78
- Price spread: −0.116% → +0.215%
- −$33.18
- Slippage, 4 orders
- −$68.86
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$210.82
- Costs to cover
- 0.889%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Coinbase International: 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 Kraken Futures live order book, 4 min ago | 8.89 bp | 20.9 bp −$21 | 50.9 bp −$509 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 3 min ago | 8.10 bp | 27.2 bp −$27 | 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 | −0.0572% | 1h | 1.8470 | +0.100% | $12K | $194K | 12x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8417 | −0.188% | $19K | $23K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8416 | −0.192% | $12K | $31K | 25x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8411 | −0.218% | $270K | $153K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8410 | −0.223% | $12.0M | $47.1M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8400 | −0.279% | $11.8M | $13.2M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8420 | −0.171% | $3.1M | $8.1M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8414 | −0.203% | $539K | $1.3M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8400 | −0.279% | $12.4M | $11.1M | 200x | as long as short |
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8420 | −0.171% | $4.9M | $11.4M | 50x | as long as short |
Injective RENDER/USDC PERP
dYdX RENDER-USD
Deribit RENDER_USDC-PERPETUAL
Aster RENDERUSDT
Binance RENDERUSDT
Bybit RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDT
KuCoin RENDERUSDTMShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8420 | −0.171% | $10.0M | $10.7M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8410 | −0.225% | — | $3.4M | — | as long as short |
| Variational Omni RENDER | +0.0100% | 4h | 1.8482 | +0.164% | $263K | $313K | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8525 | +0.398% | $41K | $251K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8420 | −0.171% | $1.8M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8411 | −0.218% | $30K | $203K | 10x | as long as short |
| Phoenix RENDER | +0.0303% | 1h | 1.8506 | +0.296% | $48K | $326K | 5x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8470 | +0.100% | $570K | $1.1M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0373% / S −0.0956% | 1h | 1.8417 | −0.185% | $16K | — | 100x | as long as short |
| Hyperliquid RENDER | +0.0542% | 1h | 1.8436 | −0.084% | $4.1M | $3.3M | 5x | as long as short |
| Coinbase International RENDER-PERP-INTXshort | +0.0616% | 1h | 1.8430 | −0.116% | $153K | $59K | 50x | |
| Kraken Futures PF_RENDERUSDlong | +0.1039% | 1h | 1.8451 | long leg | $490K | $1.2M | 50x |
Bitget RENDERUSDT
BingX RENDER-USDT
Variational Omni RENDER
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
Phoenix RENDER
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Hyperliquid RENDER