Funding arb · Price arb /

RENDER

all RENDER markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0481%/8h= +52.6% APRpaid last 24h +0.111%

Price spread now: Kraken Futures against Bybit+0.271%7-day average +0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$550.553% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.549%+$55 on $10k

Price spread, last 3 days (all we have)−0.235%−$24 · spread now +0.271%, 7d avg +0.166%

Together, before fees+0.314%+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Kraken Futures is 0.105% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.166%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit RENDERUSDT	1.8362	0.0100	pay 0.0050% / 4h	1h 31m	$11.9M	$13.9M	50x
Short	Kraken Futures PF_RENDERUSD	1.8412	0.0581	get 0.0073% / 1h	31m 15s	$466K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.271%Rate

Funding earned: $100.96
Price spread: +0.271% → +0.166%: $10.51
Slippage, 4 orders: −$34.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $56.2
Costs to cover: 0.553%
Break-even: 3.1 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Bybit live order book, 2 min ago	2.73 bp	16.4 bp −$16	45.9 bp −$459	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.54 bp	10.4 bp −$10	38.5 bp −$385	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	1.8390	+0.152%	$6K	$187K	12x	as long as short
Variational Omni RENDER	−0.0306%	4h	1.8373	+0.059%	$222K	$296K	—	as long as short
Deribit RENDER_USDC-PERPETUAL	−0.0022%	1h	1.8384	+0.120%	$10K	$30K	25x	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8408	+0.248%	$19K	$21K	5x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8423	+0.334%	$263K	$172K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8389	+0.148%	$12.2M	$48.1M	75x	as long as short
Bybit RENDERUSDTlong	+0.0100%	4h	1.8362	long leg	$11.9M	$13.9M	50x
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8390	+0.152%	$3.1M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8395	+0.180%	$535K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8400	+0.207%	$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	1.8390	+0.152%	$5.0M	$12.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8395	+0.180%	$9.9M	$10.4M	50x	as long as short
BingX RENDER-USDT	+0.0100%	4h	1.8390	+0.152%	—	$4.3M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8378	+0.087%	$43K	$267K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8390	+0.152%	$1.8M	$3.9M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8396	+0.186%	$31K	$178K	10x	as long as short
Phoenix RENDER	+0.0131%	1h	1.8378	+0.087%	$40K	$325K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8410	+0.261%	$593K	$1.3M	90x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0352%	1h	1.8670	+1.677%	$154K	$67K	50x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0361% / S −0.0904%	1h	1.8401	+0.214%	$15K	—	100x	as long as short
Kraken Futures PF_RENDERUSDshort	+0.0581%	1h	1.8412	+0.271%	$466K	$1.1M	50x
Hyperliquid RENDER	+0.0650%	1h	1.8439	+0.419%	$4.2M	$3.6M	5x	as long as short