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 +0.063%

Price spread now: Gate against Bybit+0.042%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1081.077% of the position

Long on Bybit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.042%, 7d avg +0.013%

Together, before fees−0.023%−$2 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: Gate is 0.029% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IRENUSDT	47.520	0	get 0.0000% / 8h	3h 53m	$1.2M	$542K	25x
Short	Gate IREN_USDT	47.540	0	get 0.0000% / 8h	3h 53m	$722K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Bybit. 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 BybitbpFee GatebpOrdersPrice spread, now +0.042%Rate

Funding earned: $0
Price spread: +0.042% → +0.013%: $2.92
Slippage, 4 orders: −$81.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$104.8
Costs to cover: 1.077%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Gate: 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 Bybit live order book, 2 min ago	1.05 bp	30.1 bp −$30	122.5 bp −$1,225	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.15 bp	49.1 bp −$49	90.6 bp −$906	129.6 bp −$13.0K	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	47.596	+0.161%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.550	+0.063%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.520	long leg	$1.2M	$542K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.490	−0.063%	$646K	$621K	25x	as long as short
Gate IREN_USDTshort	0.0000%	8h	47.540	+0.042%	$722K	$1.2M	25x
Bitget IRENUSDT	0.0000%	8h	47.522	+0.004%	$2.1M	$499K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.587	+0.140%	$212K	$86K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.598	+0.164%	$5K	$196K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.610	+0.189%	$922	$357K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.550	+0.063%	$9K	$814	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX IREN-USD	+0.0011%	1h	47.540	+0.042%	$1.2M	$1.5M	10x	as long as short
Vest IREN-USD-PERP	+0.0019%	1h	47.500	−0.042%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.582	+0.130%	$68K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.540	+0.042%	$4K	$7K	5x	as long as short
tradeXYZ xyz:IREN	+0.0050%	1h	47.540	+0.042%	$3.2M	$2.0M	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.560	+0.084%	$748K	$223K	20x	as long as short
Paragon para:IREN	+0.0160%	1h	47.510	−0.021%	$611K	$182K	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.558	+0.080%	$87	$31K	10x	as long as short