Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h +0.008%

Price spread now: QFEX against Aster−0.085%7-day average — · you buy dearer than you sell

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

Long on Aster Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. QFEX is 0.085% cheaper against Aster than usual: you would sell low and buy high (spread −0.085% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 6.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster IRENUSDT	47.100	0	get 0.0000% / 8h	2h 53m	$29K	$4K	20x
Short	QFEX IREN-USD	47.060	0.0043	get 0.0005% / 1h	53m 12s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Aster. 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 AsterbpFee QFEXbpOrdersPrice spread, now −0.085%Rate

Funding earned: $8.97
Price spread: −0.085% → 0.000%: −$8.48
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$17.5
Costs to cover: 0.180%
Break-even: 20.7 days

Slippage unknown: Aster: no order-book sample; QFEX: 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 Aster no order-book sample	—	—	—	—	—
Sell QFEX live order book, 3 min ago	3.18 bp	8.2 bp −$8	17.4 bp −$174	doesn't fit	doesn't fit

Aster: 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.

IREN on 18 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
Bitget IRENUSDT	−0.0050%	8h	47.058	−0.089%	$2.1M	$501K	20x	as long as short
Aster IRENUSDTlong	0.0000%	8h	47.100	long leg	$29K	$4K	20x
Binance IRENUSDT	0.0000%	8h	47.073	−0.058%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.030	−0.148%	$1.2M	$544K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	−0.042%	$648K	$653K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.080	−0.042%	$722K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	47.102	+0.004%	$192K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.035	−0.138%	$5K	$205K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.060	−0.085%	$998	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.060	−0.085%	$9K	$832	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0004%	1h	46.950	−0.318%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.098	−0.004%	$70K	$95K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.990	−0.233%	$4K	$7K	5x	as long as short
QFEX IREN-USDshort	+0.0043%	1h	47.060	−0.085%	$1.2M	$1.5M	10x
Paragon para:IREN	+0.0060%	1h	47.012	−0.187%	$605K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.060	−0.085%	$739K	$235K	20x	as long as short
Phoenix IREN	+0.0340%	1h	47.041	−0.125%	$87	$31K	10x	as long as short
tradeXYZ xyz:IREN	+0.0351%	1h	47.050	−0.106%	$3.1M	$2.0M	10x	as long as short