Funding you earn now, next payment 22:00 UTC−0.0485%/8h= −53.2% APRpaid last 24h −0.048%
Price spread now: Variational Omni against Phoenix+0.361%7-day average −0.173% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.120%−$12 on $10k
+Price spread, last 3 days (all we have)−0.610%−$61 · spread now +0.361%, 7d avg −0.173%
=Together, before fees−0.730%+ Points / potential airdropVariational Omni: Active · farm board−$73 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Variational Omni is 0.534% dearer against Phoenix than usual: you sell high and buy low (spread +0.361% now, against its 7-day average of −0.173%): +$53 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 3.7 days. At the pace of the last 3 days (−0.120% in total) that is about 15 days.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.120% in total (about -13.4% a year). A funding rate is set anew for every payment. 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 | 1.8377 | 0.0131 | pay 0.0016% / 1h | 53m 12s | $40K | $325K | 5x |
| Short | Variational Omni RENDER | 1.8443 | −0.0355 | pay 0.0177% / 4h | 1h 53m | $222K | $296K | — |
Phoenix RENDER
Variational Omni RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Variational Omni 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
- −$101.95
- Price spread: +0.361% → −0.173%
- $53.44
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Net
- −$55.51
- Costs to cover
- 0.070%
- Break-even
- from the start
Slippage unknown: Phoenix: live order book, 28 min ago; Variational Omni: RFQ quote, 31 min ago. 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, 28 min ago | 1.07 bp | 13.6 bp −$14 | 53.7 bp −$537 | doesn't fit | doesn't fit |
| Sell Variational Omni RFQ quote, 31 min ago | 5.41 bp | doesn't fit | 21.3 bp −$213 | 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 | 1.8450 | +0.397% | $6K | $165K | 12x | as long as short |
| Variational Omni RENDERshort | −0.0355% | 4h | 1.8443 | +0.361% | $222K | $296K | — | |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8467 | +0.487% | $19K | $21K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | 0.0000% | 1h | 1.8408 | +0.169% | $10K | $30K | 25x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8439 | +0.339% | $263K | $181K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8401 | +0.130% | $12.2M | $48.6M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8380 | +0.016% | $12.0M | $14.2M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8410 | +0.180% | $3.1M | $8.5M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8414 | +0.201% | $536K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8400 | +0.125% | $11.4M | $10.3M | 200x | 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_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8410 | +0.180% | $5.0M | $12.9M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8404 | +0.147% | $9.9M | $10.4M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8400 | +0.125% | — | $4.4M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8464 | +0.473% | $43K | $268K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8410 | +0.180% | $1.8M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8415 | +0.208% | $31K | $178K | 10x | as long as short |
| Phoenix RENDERlong | +0.0131% | 1h | 1.8377 | long leg | $40K | $325K | 5x | |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8430 | +0.288% | $595K | $1.3M | 90x | as long as short |
| Coinbase International RENDER-PERP-INTX | +0.0352% | 1h | 1.8670 | +1.594% | $154K | $69K | 50x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0361% / S −0.0904% | 1h | 1.8413 | +0.197% | $15K | — | 100x | as long as short |
| Kraken Futures PF_RENDERUSD | +0.0580% | 1h | 1.8432 | +0.298% | $468K | $1.1M | 50x | as long as short |
| Hyperliquid RENDER | +0.0812% | 1h | 1.8429 | +0.283% | $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
Coinbase International RENDER-PERP-INTX
GMX RENDER/USD [ETH-USDC]
Kraken Futures PF_RENDERUSD
Hyperliquid RENDER