Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: OKX against Bitget+0.011%7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$810.807% of the position

Long on Bitget Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.011%, 7d avg +0.080%

Together, before fees−0.062%−$6 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: OKX is 0.070% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget IRENUSDT	47.385	0	get 0.0000% / 8h	6h 04m	$2.0M	$432K	20x
Short	OKX IREN-USDT-SWAP	47.390	0	get 0.0000% / 8h	6h 04m	$646K	$628K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.080%: −$6.97
Slippage, 4 orders: −$58.69
Fee Bitget: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$87.66
Costs to cover: 0.807%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; OKX: live order book, 62 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, 3 min ago	2.22 bp	13.2 bp −$13	39.1 bp −$391	doesn't fit	doesn't fit
Sell OKX live order book, 62 min ago	4.20 bp	14.2 bp −$14	830.4 bp −$8,304	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	47.499	+0.241%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.412	+0.057%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.360	−0.053%	$1.2M	$523K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.390	+0.011%	$646K	$628K	25x
Gate IREN_USDT	0.0000%	8h	47.400	+0.032%	$722K	$1.2M	25x	as long as short
Bitget IRENUSDTlong	0.0000%	8h	47.385	long leg	$2.0M	$432K	20x
Variational Omni IREN	0.0000%	8h	47.382	−0.007%	$210K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.353	−0.069%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.400	+0.032%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.350	−0.074%	$9K	$764	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	47.310	−0.158%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.400	+0.032%	$1.2M	$1.8M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.412	+0.057%	$69K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.340	−0.095%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.370	−0.032%	$744K	$189K	20x	as long as short
Paragon para:IREN	+0.0203%	1h	47.350	−0.074%	$609K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0227%	1h	47.397	+0.025%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.385	0.000%	$84	$31K	10x	as long as short