Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.052%

Price spread now: BingX against GMX+0.260%7-day average — · you sell dearer than you buy

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. BingX is 0.260% dearer against GMX than usual: you sell high and buy low (spread +0.260% now, against zero (this spread has no 7-day history yet)): +$26 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX RENDER/USD [ETH-USDC]	1.8662	L +0.0365% / S −0.0912%	pay 0.0046% / 1h	6m 05s	$16K	—	100x
Short	BingX RENDER-USDT	1.8710	0.0100	get 0.0050% / 4h	6m 05s	—	$4.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now +0.260%Rate

Funding earned: −$55.62
Price spread: +0.260% → 0.000%: $25.98
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$51.64
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; BingX: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell BingX live order book, 3 min ago	2.67 bp	10.1 bp −$10	16.6 bp −$166	63.4 bp −$6,336	doesn't fit

GMX: 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
Variational Omni RENDER	−0.0075%	4h	1.8632	−0.156%	$229K	$293K	—	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8643	−0.097%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8665	+0.019%	$11K	$30K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8706	+0.241%	$270K	$164K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8721	+0.318%	$12.5M	$47.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8690	+0.153%	$12.1M	$13.3M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8720	+0.313%	$3.2M	$8.4M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8699	+0.201%	$539K	$1.1M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8630	−0.169%	$12.1M	$10.7M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8670	+0.045%	$5.2M	$12.3M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget RENDERUSDT	+0.0100%	4h	1.8712	+0.271%	$10.0M	$10.3M	50x	as long as short
BingX RENDER-USDTshort	+0.0100%	4h	1.8710	+0.260%	—	$4.1M	—
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8713	+0.276%	$44K	$267K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8690	+0.153%	$1.9M	$4.0M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8714	+0.282%	$31K	$178K	10x	as long as short
Injective RENDER/USDC PERP	+0.0110%	1h	1.8670	+0.045%	$6K	$187K	12x	as long as short
Phoenix RENDER	+0.0173%	1h	1.8720	+0.313%	$48K	$333K	5x	as long as short
Coinbase International RENDER-PERP-INTX	+0.0256%	1h	1.8650	−0.062%	$154K	$64K	50x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8710	+0.260%	$594K	$1.3M	90x	as long as short
GMX RENDER/USD [ETH-USDC]long	L +0.0365% / S −0.0912%	1h	1.8662	long leg	$16K	—	100x
Kraken Futures PF_RENDERUSD	+0.0592%	1h	1.8718	+0.302%	$480K	$1.1M	50x	as long as short
Hyperliquid RENDER	+0.1384%	1h	1.8755	+0.501%	$4.4M	$3.4M	5x	as long as short