Funding arb · Price arb /

RENDER

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0356%/8h= +39.0% APRpaid last 24h +0.049%

Price spread now: Coinbase International against Phemex+0.212%7-day average +0.309% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$224as in the Price arb table

costs, in and out, $10k−$2142.140% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.655%+$66 on $10k

Price spread, last 4 days (all we have)−0.083%−$8 · spread now +0.212%, 7d avg +0.309%

Together, before fees+0.572%+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.097% cheaper against Phemex than usual: you would sell low and buy high (spread +0.212% now, against its 7-day average of +0.309%). If the spread goes back, that is −$10 on $10k: about 22 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex RENDERUSDT	1.8840	0.0100	pay 0.0100% / 8h	5h 39m	$1.9M	$3.9M	50x
Short	Coinbase International RENDER-PERP-INTX	1.8880	0.0456	get 0.0057% / 1h	39m 21s	$153K	$53K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now +0.212%Rate

Funding earned: $74.76
Price spread: +0.212% → +0.309%: −$9.67
Slippage, 4 orders: −$191.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$148.89
Costs to cover: 2.140%
Break-even: 20.9 days

Slippage from Phemex: live order book, 4 min ago; Coinbase International: live order book, 23 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 Phemex live order book, 4 min ago	5.32 bp	35.5 bp −$36	94.9 bp −$949	doesn't fit	doesn't fit
Sell Coinbase International live order book, 23 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	1.8866	+0.139%	$19K	$21K	5x	as long as short
Deribit RENDER_USDC-PERPETUAL	0.0000%	1h	1.8845	+0.027%	$11K	$30K	25x	as long as short
Injective RENDER/USDC PERP	+0.0036%	1h	1.8810	−0.159%	$6K	$188K	12x	as long as short
Binance RENDERUSDT	+0.0100%	4h	1.8854	+0.075%	$12.5M	$45.0M	75x	as long as short
Bybit RENDERUSDT	+0.0100%	4h	1.8849	+0.048%	$12.1M	$12.7M	50x	as long as short
OKX RENDER-USDT-SWAP	+0.0100%	4h	1.8860	+0.106%	$3.2M	$8.1M	20x	as long as short
Gate RENDER_USDT	+0.0100%	4h	1.8855	+0.080%	$585K	$1.2M	50x	as long as short
MEXC RENDER_USDT	+0.0100%	4h	1.8840	0.000%	$11.3M	$10.7M	200x	as long as short
KuCoin RENDERUSDTM	+0.0100%	4h	1.8860	+0.106%	$5.2M	$11.8M	50x	as long as short
Bitget RENDERUSDT	+0.0100%	4h	1.8847	+0.037%	$10.2M	$10.3M	50x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX RENDER-USDT	+0.0100%	4h	1.8850	+0.053%	—	$3.5M	—	as long as short
Variational Omni RENDER	+0.0100%	4h	1.8796	−0.232%	$232K	$276K	—	as long as short
Phemex RENDERUSDTlong	+0.0100%	8h	1.8840	long leg	$1.9M	$3.9M	50x
Extended RENDER-USD	+0.0104%	1h	1.8839	−0.006%	$28K	$203K	10x	as long as short
Aster RENDERUSDT	+0.0112%	4h	1.8899	+0.315%	$273K	$139K	20x	as long as short
Phoenix RENDER	+0.0259%	1h	1.8821	−0.101%	$48K	$246K	5x	as long as short
ApeX Omni RENDERUSDT	+0.0276%	1h	1.8799	−0.218%	$47K	$252K	50x	as long as short
BloFin RENDER-USDT	+0.0340%	4h	1.8860	+0.106%	$585K	$1.1M	90x	as long as short
GMX RENDER/USD [ETH-USDC]	L +0.0369% / S −0.0912%	1h	1.8839	−0.005%	$16K	—	100x	as long as short
Coinbase International RENDER-PERP-INTXshort	+0.0456%	1h	1.8880	+0.212%	$153K	$53K	50x
Hyperliquid RENDER	+0.0947%	1h	1.8901	+0.324%	$4.3M	$3.2M	5x	as long as short
Kraken Futures PF_RENDERUSD	+0.1417%	1h	1.8873	+0.176%	$492K	$1.0M	50x	as long as short