Funding you earn now, next payment 22:00 UTC−0.0450%/8h= −49.3% APRnext payment −$0.56 per $10,000 · paid last 24h −0.107%
Price spread now: Phoenix against Kraken Futures+0.023%71s7-day average −0.024% · you sell dearer than you buy
Net, funding: paid 7d − costs−$141as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$580.583% of the position
Funding, last 7 days−0.822%−$82 on $10k
+Price spread, last 3 days (all we have)+0.216%+$22 · spread now +0.023%, 7d avg −0.024%
=The price spread pays, funding is against you. Phoenix is 0.047% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.024%): +$5 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_RENDERUSD | 1.8415 | 0.0581 | pay 0.0073% / 1h | 28m 04s | $466K | $1.1M | 50x |
| Short | Phoenix RENDER | 1.8419 | 0.0131 | get 0.0016% / 1h | 28m 04s | $40K | $325K | 5x |
Kraken Futures PF_RENDERUSD
Phoenix RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$94.53
- Price spread: +0.023% → −0.024%
- $4.66
- Slippage, 4 orders
- −$41.34
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$148.22
- Costs to cover
- 0.583%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, just now; Phoenix: live order book, 53 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, just now | 7.61 bp | 14.9 bp −$15 | 59.0 bp −$590 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 53 min ago | 1.07 bp | 13.6 bp −$14 | 45.8 bp −$458 | 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 | −0.0576% | 1h | 1.8370 | −0.243% | $6K | $187K | 12x | as long as short |
| Variational Omni RENDER | −0.0300% | 4h | 1.8383 | −0.174% | $221K | $296K | — | as long as short |
| Deribit RENDER_USDC-PERPETUAL | −0.0022% | 1h | 1.8396 | −0.102% | $10K | $30K | 25x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8407 | −0.040% | $19K | $21K | 5x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8414 | −0.003% | $263K | $173K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8370 | −0.243% | $12.1M | $48.0M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8349 | −0.357% | $11.9M | $13.9M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8370 | −0.243% | $3.1M | $8.4M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8400 | −0.080% | $535K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8390 | −0.135% | $11.8M | $10.5M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
Deribit RENDER_USDC-PERPETUAL
dYdX RENDER-USD
Aster RENDERUSDT
Binance RENDERUSDT
Bybit RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8400 | −0.080% | $4.9M | $12.8M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8365 | −0.270% | $9.8M | $10.4M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8390 | −0.135% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8378 | −0.200% | $43K | $267K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8390 | −0.135% | $1.8M | $3.9M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8408 | −0.037% | $31K | $178K | 10x | as long as short |
| Phoenix RENDERshort | +0.0131% | 1h | 1.8419 | +0.023% | $40K | $325K | 5x | |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8390 | −0.135% | $593K | $1.3M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0349% / S −0.0841% | 1h | 1.8404 | −0.060% | $14K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0352% | 1h | 1.8670 | +1.386% | $154K | $67K | 50x | as long as short |
| Kraken Futures PF_RENDERUSDlong | +0.0581% | 1h | 1.8415 | long leg | $466K | $1.1M | 50x | |
| Hyperliquid RENDER | +0.0631% | 1h | 1.8416 | +0.005% | $4.2M | $3.6M | 5x | as long as short |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Coinbase International RENDER-PERP-INTX
Hyperliquid RENDER