Funding you earn now, next payment 21:00 UTC−0.0347%/8h= −38.1% APRnext payment −$0.43 per $10,000 · paid last 24h −0.048%
Price spread now: Phoenix against Coinbase International+0.242%48s7-day average −0.224% · you sell dearer than you buy
Net, funding: paid 7d − costs−$250as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1691.688% of the position
Funding, last 7 days−0.811%−$81 on $10k
+Price spread, last 3 days (all we have)−0.118%−$12 · spread now +0.242%, 7d avg −0.224%
=The price spread pays, funding is against you. Phoenix is 0.466% dearer against Coinbase International than usual: you sell high and buy low (spread +0.242% now, against its 7-day average of −0.224%): +$47 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 4.5 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International RENDER-PERP-INTX | 1.8570 | 0.0520 | pay 0.0065% / 1h | 43m 25s | $153K | $68K | 50x |
| Short | Phoenix RENDER | 1.8615 | 0.0173 | get 0.0022% / 1h | 43m 25s | $40K | $336K | 5x |
Coinbase International RENDER-PERP-INTX
Phoenix RENDERFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Coinbase International. 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
- −$72.97
- Price spread: +0.242% → −0.224%
- $46.58
- Slippage, 4 orders
- −$151.85
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$195.24
- Costs to cover
- 1.688%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 44 min ago; Phoenix: live order book, 42 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 Coinbase International live order book, 44 min ago | 10.85 bp | 69.4 bp −$69 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 42 min ago | 1.09 bp | 13.4 bp −$13 | 45.6 bp −$456 | 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 | −0.0440% | 1h | 1.8630 | +0.323% | $6K | $141K | 12x | as long as short |
| Variational Omni RENDER | −0.0246% | 4h | 1.8580 | +0.054% | $223K | $255K | — | as long as short |
| Bybit RENDERUSDT | −0.0235% | 4h | 1.8593 | +0.124% | $12.1M | $14.6M | 50x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | −0.0126% | 1h | 1.8623 | +0.285% | $11K | $33K | 25x | as long as short |
| dYdX RENDER-USD | 0.0000% | 1h | 1.8629 | +0.320% | $19K | $21K | 5x | as long as short |
| Aster RENDERUSDT | +0.0100% | 4h | 1.8640 | +0.377% | $271K | $189K | 20x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8629 | +0.318% | $12.4M | $49.1M | 75x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8630 | +0.323% | $3.2M | $8.8M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8614 | +0.237% | $545K | $1.1M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8620 | +0.269% | $12.1M | $10.2M | 200x | as long as short |
Injective RENDER/USDC PERP
Variational Omni RENDER
Bybit RENDERUSDT
Deribit RENDER_USDC-PERPETUAL
dYdX RENDER-USD
Aster RENDERUSDT
Binance 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 | 1.8610 | +0.215% | $5.2M | $13.0M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8630 | +0.323% | $10.0M | $10.4M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8620 | +0.269% | — | $4.3M | — | as long as short |
| ApeX Omni RENDERUSDT | +0.0100% | 1h | 1.8618 | +0.258% | $44K | $265K | 50x | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8600 | +0.162% | $1.9M | $4.0M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8629 | +0.320% | $31K | $178K | 10x | as long as short |
| Phoenix RENDERshort | +0.0173% | 1h | 1.8615 | +0.242% | $40K | $336K | 5x | |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8570 | 0.000% | $600K | $1.4M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0341% / S −0.0785% | 1h | 1.8624 | +0.289% | $14K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTXlong | +0.0520% | 1h | 1.8570 | long leg | $153K | $68K | 50x | |
| Kraken Futures PF_RENDERUSD | +0.0746% | 1h | 1.8637 | +0.360% | $487K | $1.1M | 50x | as long as short |
| Hyperliquid RENDER | +0.1069% | 1h | 1.8658 | +0.474% | $4.2M | $4.3M | 5x | as long as short |
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDT
ApeX Omni RENDERUSDT
Phemex RENDERUSDT
Extended RENDER-USD
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Kraken Futures PF_RENDERUSD
Hyperliquid RENDER