Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.133%

Price spread now: Bybit against Bitget−0.002%7-day average +0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1001.004% of the position

Long on Bitget Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 7 days+0.128%+$13 · spread now −0.002%, 7d avg +0.074%

Together, before fees+0.190%+$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.076% cheaper against Bitget than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRENUSDT	47.331	0	get 0.0000% / 8h	2h 31m	$2.0M	$537K	20x
Short	Bybit IRENUSDT	47.330	0	get 0.0000% / 8h	2h 31m	$1.2M	$503K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bitget. 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 BitgetbpFee BybitbpOrdersPrice spread, now −0.002%Rate

Funding earned: $0
Price spread: −0.002% → +0.074%: −$7.61
Slippage, 4 orders: −$77.36
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$107.97
Costs to cover: 1.004%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Bybit: live order book, 4 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 Bitget live order book, 1 min ago	5.39 bp	18.5 bp −$18	46.6 bp −$466	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	4.23 bp	38.5 bp −$38	120.7 bp −$1,207	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
Aster IRENUSDT	0.0000%	8h	47.371	+0.085%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.349	+0.037%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDTshort	0.0000%	8h	47.330	−0.002%	$1.2M	$503K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.330	−0.002%	$661K	$691K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.330	−0.002%	$741K	$1.6M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.331	long leg	$2.0M	$537K	20x
Variational Omni IREN	0.0000%	8h	47.343	+0.026%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.350	+0.040%	$4K	$205K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.360	+0.061%	$1K	$389K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.300	−0.065%	$9K	$673	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	+0.0003%	1h	47.270	−0.129%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0018%	1h	47.320	−0.023%	$1.2M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.384	+0.112%	$67K	$114K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.315	−0.034%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0059%	1h	47.324	−0.014%	$622K	$126K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.340	+0.019%	$751K	$144K	20x	as long as short
tradeXYZ xyz:IREN	+0.0304%	1h	47.339	+0.017%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0320%	1h	47.356	+0.053%	$85	$38K	10x	as long as short