Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0304%/8h= −33.3% APRpaid last 24h −0.110%

Price spread now: Bitget against Kraken Futures−0.275%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$820.825% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.566%−$57 on $10k

Price spread, last 3 days (all we have)+0.303%+$30 · spread now −0.275%, 7d avg −0.053%

Together, before fees−0.263%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bitget is 0.221% cheaper against Kraken Futures than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_RENDERUSD	1.8718	0.0404	pay 0.0051% / 1h	13m 08s	$480K	$1.1M	50x
Short	Bitget RENDERUSDT	1.8667	0.0100	get 0.0050% / 4h	3h 13m	$10.1M	$10.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.275%Rate

Funding earned: −$63.91
Price spread: −0.275% → −0.053%: −$22.12
Slippage, 4 orders: −$60.49
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$168.53
Costs to cover: 0.825%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, just now; Bitget: live order book, just now.

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 Kraken Futures live order book, just now	11.22 bp	21.7 bp −$22	63.8 bp −$638	doesn't fit	doesn't fit
Sell Bitget live order book, just now	2.41 bp	15.4 bp −$15	27.6 bp −$276	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	−0.0213%	1h	1.8840	+0.650%	$6K	$188K	12x	as long as short
Coinbase International RENDER-PERP-INTX	−0.0040%	1h	1.8830	+0.596%	$155K	$65K	50x	as long as short
Variational Omni RENDER	−0.0011%	4h	1.8797	+0.420%	$231K	$280K	—	as long as short
dYdX RENDER-USD	0.0000%	1h	1.8707	−0.061%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8702	−0.088%	$11K	$30K	25x	as long as short
Aster RENDERUSDT	+0.0100%	4h	1.8740	+0.115%	$270K	$146K	20x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8693	−0.135%	$12.5M	$46.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8680	−0.205%	$12.1M	$13.0M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8700	−0.098%	$3.2M	$8.2M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8680	−0.205%	$528K	$1.1M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC RENDER_USDT	+0.0100%	4h	1.8700	−0.098%	$12.0M	$10.9M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8670	−0.259%	$5.2M	$12.0M	50x	as long as short
Bitget RENDERUSDTshort	+0.0100%	4h	1.8667	−0.275%	$10.1M	$10.4M	50x
BingX RENDER-USDT	+0.0100%	4h	1.8680	−0.205%	—	$3.9M	—	as long as short
ApeX Omni RENDERUSDT	+0.0100%	1h	1.8869	+0.804%	$47K	$269K	50x	as long as short
Phemex RENDERUSDT	+0.0100%	8h	1.8700	−0.098%	$1.9M	$3.9M	50x	as long as short
Extended RENDER-USD	+0.0104%	1h	1.8712	−0.033%	$29K	$205K	10x	as long as short
Phoenix RENDER	+0.0171%	1h	1.8727	+0.046%	$48K	$324K	5x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8700	−0.098%	$594K	$1.2M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0365% / S −0.0912%	1h	1.8701	−0.095%	$16K	—	100x	as long as short
Kraken Futures PF_RENDERUSDlong	+0.0404%	1h	1.8718	long leg	$480K	$1.1M	50x
Hyperliquid RENDER	+0.0843%	1h	1.8710	−0.045%	$4.3M	$3.4M	5x	as long as short