Funding you earn now, next payment 03:00 UTC−0.0299%/8h= −32.8% APRnext payment −$0.37 per $10,000 · paid last 24h −0.055%
Price spread now: Deribit against Phoenix−0.507%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.114%−$11 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Deribit is 0.507% cheaper against Phoenix than usual: you would sell low and buy high (−$51 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.114% in total (about -6.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 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 | Phoenix RENDER | 1.8523 | 0.0299 | pay 0.0037% / 1h | 49m 17s | $48K | $315K | 5x |
| Short | Deribit RENDER_USDC-PERPETUAL | 1.8429 | 0 | get 0.0000% / 1h | 49m 17s | $11K | $30K | 25x |
Phoenix RENDER
Deribit RENDER_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phoenix. 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
- −$62.87
- Price spread: −0.507% → 0.000%
- −$50.75
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$127.62
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Phoenix: live order book, 6 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 Phoenix live order book, 6 min ago | 1.07 bp | 13.5 bp −$14 | 53.3 bp −$533 | 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 | −0.0223% | 1h | 1.8490 | −0.178% | $6K | $188K | 12x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8447 | −0.412% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUALshort | 0.0000% | 1h | 1.8429 | −0.507% | $11K | $30K | 25x | |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8435 | −0.475% | $12.3M | $47.0M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8415 | −0.583% | $11.7M | $13.2M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8440 | −0.448% | $3.1M | $8.1M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8423 | −0.540% | $548K | $1.2M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8430 | −0.502% | $12.7M | $11.2M | 200x | as long as short |
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8450 | −0.394% | $5.0M | $11.8M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8443 | −0.432% | $10.0M | $10.8M | 50x | as long as short |
Injective RENDER/USDC PERP
dYdX RENDER-USD
Binance RENDERUSDT
Bybit RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDT
KuCoin RENDERUSDTM
Bitget RENDERUSDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX RENDER-USDT | +0.0100% | 4h | 1.8430 | −0.502% | — | $3.6M | — | as long as short |
| Variational Omni RENDER | +0.0100% | 4h | 1.8492 | −0.169% | $263K | $313K | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8514 | −0.049% | $41K | $253K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8490 | −0.178% | $1.9M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8427 | −0.516% | $26K | $200K | 10x | as long as short |
| Phoenix RENDERlong | +0.0299% | 1h | 1.8523 | long leg | $48K | $315K | 5x | |
| Aster RENDERUSDT | +0.0327% | 4h | 1.8440 | −0.446% | $267K | $147K | 20x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8550 | +0.146% | $586K | $1.1M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0365% / S −0.0912% | 1h | 1.8429 | −0.506% | $15K | — | 100x | as long as short |
| Hyperliquid RENDER | +0.0583% | 1h | 1.8469 | −0.293% | $4.2M | $3.2M | 5x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0720% | 1h | 1.8450 | −0.394% | $151K | $56K | 50x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.1274% | 1h | 1.8456 | −0.362% | $479K | $1.1M | 50x | as long as short |
BingX RENDER-USDT
Variational Omni RENDER
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
Aster RENDERUSDT
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Hyperliquid RENDER
Coinbase International RENDER-PERP-INTX
Kraken Futures PF_RENDERUSD