Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h −0.099%

Price spread now: QFEX against Binance−0.040%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$560.558% of the position

Long on Binance Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.098%−$10 on $10k

Price spread, last 2 days (all we have)−0.066%−$7 · spread now −0.040%, 7d avg −0.036%

Together, before fees−0.163%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.098%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IRENUSDT	47.399	0	get 0.0000% / 8h	2h 03m	$3.4M	$6.7M	25x
Short	QFEX IREN-USD	47.380	0.0018	get 0.0002% / 1h	3m 07s	$1.2M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against Binance. 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 BinancebpFee QFEXbpOrdersPrice spread, now −0.040%Rate

Funding earned: $3.83
Price spread: −0.040% → −0.036%: −$0.41
Slippage, 4 orders: −$35.83
Fee Binance: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$52.41
Costs to cover: 0.558%
Break-even: 102.8 days

Slippage from Binance: live order book, 6 min ago; QFEX: live order book, 9 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 Binance live order book, 6 min ago	4.22 bp	15.8 bp −$16	47.5 bp −$475	doesn't fit	doesn't fit
Sell QFEX live order book, 9 min ago	6.33 bp	12.5 bp −$13	87.8 bp −$878	doesn't fit	doesn't fit

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
Paragon para:IREN	−0.0068%	1h	47.360	−0.083%	$622K	$126K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.391	−0.017%	$29K	$4K	20x	as long as short
Binance IRENUSDTlong	0.0000%	8h	47.399	long leg	$3.4M	$6.7M	25x
Bybit IRENUSDT	0.0000%	8h	47.380	−0.040%	$1.2M	$503K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.400	+0.002%	$662K	$692K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.380	−0.040%	$742K	$1.6M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.350	−0.104%	$2.0M	$538K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.407	+0.016%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.410	+0.023%	$4K	$204K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	+0.023%	$494	$390K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	47.360	−0.083%	$9K	$684	20x	as long as short
Vest IREN-USD-PERP	+0.0001%	1h	47.310	−0.188%	—	$15K	10x	as long as short
QFEX IREN-USDshort	+0.0018%	1h	47.380	−0.040%	$1.2M	$2.1M	10x
Lighter RH IREN	+0.0032%	1h	47.435	+0.076%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.355	−0.093%	$4K	$8K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.390	−0.019%	$751K	$144K	20x	as long as short
Phoenix IREN	+0.0320%	1h	47.390	−0.019%	$85	$38K	10x	as long as short
tradeXYZ xyz:IREN	+0.0326%	1h	47.396	−0.007%	$3.2M	$1.9M	10x	as long as short