Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0856%/8h= +93.7% APRpaid last 24h +0.169%

Price spread now: GMX against OKX−0.150%7-day average — · you buy dearer than you sell

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 0.150% cheaper against OKX than usual: you would sell low and buy high (spread −0.150% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 14 hours of funding at the current rate (+$26 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX RENDER-USDT-SWAP	1.8130	0.0100	pay 0.0050% / 4h	3h 02m	$3.1M	$8.0M	20x
Short	GMX RENDER/USD [ETH-USDC]	1.8103	L +0.0371% / S −0.0956%	get 0.0119% / 1h	2m 24s	$16K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.150%Rate

Funding earned: $179.72
Price spread: −0.150% → 0.000%: −$14.96
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $142.76
Costs to cover: 0.220%
Break-even: 1.4 days

Slippage unknown: OKX: live order book, 6 min ago; GMX: no order-book sample. 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 OKX live order book, 6 min ago	2.75 bp	16.9 bp −$17	51.0 bp −$510	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0572%	1h	1.8130	0.000%	$11K	$194K	12x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8148	+0.099%	$16K	$35K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8131	+0.003%	$266K	$155K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8108	−0.122%	$11.8M	$47.1M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8109	−0.116%	$11.6M	$13.1M	50x	as long as short
OKX RENDER-USDT-SWAPlong	+0.0100%	4h	1.8130	long leg	$3.1M	$8.0M	20x
Gate RENDER_USDT	+0.0100%	4h	1.8111	−0.105%	$529K	$1.3M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8100	−0.165%	$12.3M	$11.3M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8120	−0.055%	$4.8M	$11.1M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8129	−0.006%	$9.9M	$10.7M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX RENDER-USDT	+0.0100%	4h	1.8110	−0.110%	—	$3.4M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8152	+0.120%	$258K	$313K	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8139	+0.050%	$40K	$250K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8130	0.000%	$1.8M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8105	−0.138%	$26K	$192K	10x	as long as short
dYdX RENDER-USD	+0.0156%	1h	1.8109	−0.117%	$18K	$32K	5x	as long as short
Phoenix RENDER	+0.0303%	1h	1.8186	+0.309%	$47K	$326K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8160	+0.165%	$563K	$1.1M	90x	as long as short
GMX RENDER/USD [ETH-USDC]short	L +0.0371% / S −0.0956%	1h	1.8103	−0.150%	$16K	—	100x
Hyperliquid RENDER	+0.0577%	1h	1.8140	+0.055%	$4.1M	$3.3M	5x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0616%	1h	1.8150	+0.110%	$151K	$57K	50x	as long as short
Kraken Futures PF_RENDERUSD	+0.1054%	1h	1.8177	+0.258%	$490K	$1.2M	50x	as long as short