Funding arb · Price arb /

IREN

RWAall IREN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0255%/8h= +27.9% APRpaid last 24h +0.084%

Price spread now: tradeXYZ against Binance+0.003%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on Binance Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days+0.304%+$30 on $10k

Price spread, last 7 days+0.036%+$4 · spread now +0.003%, 7d avg −0.050%

Together, before fees+0.340%+ Points / potential airdroptradeXYZ: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and tradeXYZ is 0.053% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance IRENUSDT	47.046	0.0031	pay 0.0031% / 8h	6h 57m	$3.5M	$6.4M	25x
Short	tradeXYZ xyz:IREN	47.047	0.0286	get 0.0036% / 1h	57m 13s	$3.1M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.003%Rate

Funding earned: $53.5
Price spread: +0.003% → −0.050%: $5.25
Slippage, 4 orders: −$31.85
Fee Binance: 5 bp × 2 orders: −$10
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: −$1.09
Costs to cover: 0.599%
Break-even: 7.1 days

Slippage from Binance: live order book, 11 min ago; tradeXYZ: live order book, 11 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, 11 min ago	2.13 bp	14.5 bp −$15	44.7 bp −$447	158.8 bp −$15.9K	doesn't fit
Sell tradeXYZ live order book, 11 min ago	2.24 bp	16.1 bp −$16	doesn't fit	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
Bitget IRENUSDT	−0.0032%	8h	47.029	−0.035%	$2.1M	$642K	20x	as long as short
Vest IREN-USD-PERP	−0.0025%	1h	46.910	−0.288%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	46.927	−0.251%	$24K	$9K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.020	−0.054%	$1.2M	$573K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.080	+0.073%	$630K	$673K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.010	−0.076%	$811K	$1.4M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.976	−0.147%	$183K	$101K	—	as long as short
SunX IREN-USDT	0.0000%	8h	46.990	−0.118%	$973	$322K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.030	−0.033%	$9K	$870	20x	as long as short
Binance IRENUSDTlong	+0.0031%	8h	47.046	long leg	$3.5M	$6.4M	25x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH IREN	+0.0032%	1h	47.049	+0.007%	$70K	$96K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	46.940	−0.224%	$4K	$4K	5x	as long as short
QFEX IREN-USD	+0.0051%	1h	47.010	−0.076%	$1.2M	$1.5M	10x	as long as short
Paragon para:IREN	+0.0060%	1h	46.940	−0.224%	$604K	$177K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.000	−0.097%	$743K	$346K	20x	as long as short
tradeXYZ xyz:IRENshort	+0.0286%	1h	47.047	+0.003%	$3.1M	$2.0M	10x
Phoenix IREN	+0.0342%	1h	46.984	−0.131%	$85	$31K	10x	as long as short
GRVT IREN_USDT_Perp	+0.0513%	8h	47.000	−0.097%	$5K	$226K	10x	as long as short