Funding you earn now, next payment 02:00 UTC−0.0959%/8h= −105.0% APRnext payment −$1.20 per $10,000 · paid last 24h −0.063%
Price spread now: Coinbase International against Kraken Futures−0.306%7-day average +0.211% · you buy dearer than you sell
Net, funding: paid 7d − costs−$214as in the Funding arb table
Net, price: spread back to 7d avg − costs−$261as in the Price arb table
costs, in and out, $10k−$2092.092% of the position
Funding, last 7 days−0.050%−$5 on $10k
+Price spread, last 4 days (all we have)+0.346%+$35 · spread now −0.306%, 7d avg +0.211%
=Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Coinbase International is 0.516% cheaper against Kraken Futures than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of +0.211%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.050% in total (about -2.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.20 per $10,000. 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 | Kraken Futures PF_RENDERUSD | 1.8908 | 0.1415 | pay 0.0177% / 1h | 36m 19s | $489K | $1.1M | 50x |
| Short | Coinbase International RENDER-PERP-INTX | 1.8850 | 0.0456 | get 0.0057% / 1h | 36m 19s | $154K | $56K | 50x |
Kraken Futures PF_RENDERUSD
Coinbase International RENDER-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$201.37
- Price spread: −0.306% → +0.211%
- −$51.65
- Slippage, 4 orders
- −$189.18
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- −$462.2
- Costs to cover
- 2.092%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 2 min ago; Coinbase International: live order book, 26 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 Kraken Futures live order book, 2 min ago | 14.08 bp | 35.5 bp −$36 | 70.6 bp −$706 | doesn't fit | doesn't fit |
| Sell Coinbase International live order book, 26 min ago | 16.22 bp | 76.3 bp −$76 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| dYdX RENDER-USD | 0.0000% | 1h | 1.8766 | −0.748% | $19K | $21K | 5x | as long as short |
| Injective RENDER/USDC PERP | +0.0036% | 1h | 1.8840 | −0.359% | $6K | $188K | 12x | as long as short |
| Binance RENDERUSDT | +0.0100% | 4h | 1.8892 | −0.086% | $12.6M | $45.6M | 75x | as long as short |
| Bybit RENDERUSDT | +0.0100% | 4h | 1.8871 | −0.195% | $12.1M | $12.8M | 50x | as long as short |
| OKX RENDER-USDT-SWAP | +0.0100% | 4h | 1.8890 | −0.094% | $3.2M | $8.2M | 20x | as long as short |
| Gate RENDER_USDT | +0.0100% | 4h | 1.8824 | −0.443% | $592K | $1.2M | 50x | as long as short |
| MEXC RENDER_USDT | +0.0100% | 4h | 1.8880 | −0.147% | $11.4M | $10.7M | 200x | as long as short |
| KuCoin RENDERUSDTM | +0.0100% | 4h | 1.8830 | −0.411% | $5.2M | $11.8M | 50x | as long as short |
| Bitget RENDERUSDT | +0.0100% | 4h | 1.8855 | −0.279% | $10.3M | $10.5M | 50x | as long as short |
| BingX RENDER-USDT | +0.0100% | 4h | 1.8840 | −0.359% | — | $3.5M | — | as long as short |
dYdX RENDER-USD
Injective RENDER/USDC PERP
Binance RENDERUSDT
Bybit RENDERUSDT
OKX RENDER-USDT-SWAP
Gate RENDER_USDT
MEXC RENDER_USDT
KuCoin RENDERUSDTM
Bitget RENDERUSDT
BingX RENDER-USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni RENDER | +0.0100% | 4h | 1.8796 | −0.590% | $232K | $276K | — | as long as short |
| Phemex RENDERUSDT | +0.0100% | 8h | 1.8880 | −0.147% | $1.9M | $3.9M | 50x | as long as short |
| Extended RENDER-USD | +0.0104% | 1h | 1.8850 | −0.304% | $28K | $198K | 10x | as long as short |
| ApeX Omni RENDERUSDT | +0.0120% | 1h | 1.8855 | −0.279% | $47K | $252K | 50x | as long as short |
| Aster RENDERUSDT | +0.0134% | 4h | 1.8833 | −0.394% | $272K | $140K | 20x | as long as short |
| Phoenix RENDER | +0.0259% | 1h | 1.8873 | −0.184% | $48K | $246K | 5x | as long as short |
| Deribit RENDER_USDC-PERPETUAL | +0.0334% | 1h | 1.8849 | −0.311% | $11K | $30K | 25x | as long as short |
| BloFin RENDER-USDT | +0.0340% | 4h | 1.8810 | −0.517% | $579K | $1.1M | 90x | as long as short |
| GMX RENDER/USD [ETH-USDC] | L +0.0368% / S −0.0912% | 1h | 1.8824 | −0.443% | $16K | — | 100x | as long as short |
| Coinbase International RENDER-PERP-INTXshort | +0.0456% | 1h | 1.8850 | −0.306% | $154K | $56K | 50x | |
| Hyperliquid RENDER | +0.0935% | 1h | 1.8817 | −0.480% | $4.3M | $3.2M | 5x | as long as short |
| Kraken Futures PF_RENDERUSDlong | +0.1415% | 1h | 1.8908 | long leg | $489K | $1.1M | 50x |
Variational Omni RENDER
Phemex RENDERUSDT
Extended RENDER-USD
ApeX Omni RENDERUSDT
Aster RENDERUSDT
Phoenix RENDER
Deribit RENDER_USDC-PERPETUAL
BloFin RENDER-USDT
GMX RENDER/USD [ETH-USDC]
Hyperliquid RENDER