Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0122%/8h= −13.3% APRpaid last 24h −0.056%

Price spread now: Deribit against Phemex−0.033%7-day average +0.019% · you buy dearer than you sell

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now −0.033%, 7d avg +0.019%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Deribit is 0.052% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex RENDERUSDT	1.8390	0.0100	pay 0.0100% / 8h	1h 30m	$1.8M	$3.9M	50x
Short	Deribit RENDER_USDC-PERPETUAL	1.8384	−0.0022	pay 0.0003% / 1h	30m 23s	$10K	$30K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PhemexbpFee DeribitbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$25.6
Price spread: −0.033% → +0.019%: −$5.17
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$49.77
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Deribit: 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 Phemex live order book, 3 min ago	2.72 bp	18.9 bp −$19	84.3 bp −$843	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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	−0.0576%	1h	1.8390	0.000%	$6K	$187K	12x	as long as short
Variational Omni RENDER	−0.0300%	4h	1.8383	−0.040%	$221K	$296K	—	as long as short
Deribit RENDER_USDC-PERPETUALshort	−0.0022%	1h	1.8384	−0.033%	$10K	$30K	25x
dYdX RENDER-USD	0.0000%	1h	1.8390	0.000%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8388	−0.011%	$263K	$172K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8370	−0.109%	$12.1M	$48.1M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8347	−0.234%	$11.9M	$13.9M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8370	−0.109%	$3.1M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8360	−0.163%	$534K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8360	−0.163%	$11.8M	$10.5M	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	1.8360	−0.163%	$4.9M	$12.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8372	−0.098%	$9.8M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8360	−0.163%	—	$4.3M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8378	−0.065%	$43K	$267K	50x	as long as short
Phemex RENDERUSDTlong	+0.0100%	8h	1.8390	long leg	$1.8M	$3.9M	50x
Extended RENDER-USD	+0.0104%	1h	1.8366	−0.128%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0131%	1h	1.8378	−0.065%	$40K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8410	+0.109%	$593K	$1.3M	90x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0352%	1h	1.8670	+1.523%	$154K	$67K	50x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0904%	1h	1.8372	−0.096%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSD	+0.0581%	1h	1.8412	+0.118%	$466K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.0638%	1h	1.8396	+0.033%	$4.2M	$3.6M	5x	as long as short