Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.008%

Price spread now: QFEX against Bybit+0.085%7-day average −0.039% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1211.212% of the position

Long on Bybit Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.144%−$14 on $10k

Price spread, last 7 days−0.124%−$12 · spread now +0.085%, 7d avg −0.039%

Together, before fees−0.268%−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and QFEX is 0.124% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.039%. Mind the row above: over the last 4 days funding on this pair cost −0.144%, 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	Bybit IRENUSDT	47.240	0	get 0.0000% / 8h	3h 23m	$1.2M	$540K	25x
Short	QFEX IREN-USD	47.280	0.0011	get 0.0001% / 1h	23m 53s	$1.2M	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.085%Rate

Funding earned: $2.23
Price spread: +0.085% → −0.039%: $12.4
Slippage, 4 orders: −$100.19
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$106.55
Costs to cover: 1.212%
Break-even: 340.8 days

Slippage from Bybit: live order book, 2 min ago; QFEX: live order book, 3 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	2.12 bp	27.7 bp −$28	118.7 bp −$1,187	doesn't fit	doesn't fit
Sell QFEX live order book, 3 min ago	28.53 bp	35.6 bp −$36	43.0 bp −$430	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	47.303	+0.134%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.270	+0.064%	$3.4M	$6.1M	25x	as long as short
Bybit IRENUSDTlong	0.0000%	8h	47.240	long leg	$1.2M	$540K	25x
OKX IREN-USDT-SWAP	0.0000%	8h	47.340	+0.212%	$653K	$649K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.290	+0.106%	$718K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.240	0.000%	$2.1M	$498K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.306	+0.140%	$211K	$85K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.380	+0.296%	$4K	$201K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.300	+0.127%	$1K	$355K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.240	0.000%	$9K	$824	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-USDshort	+0.0011%	1h	47.280	+0.085%	$1.2M	$1.5M	10x
Vest IREN-USD-PERP	+0.0014%	1h	47.200	−0.085%	—	$15K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.220	−0.042%	$4K	$7K	5x	as long as short
Lighter RH IREN	+0.0072%	1h	47.300	+0.127%	$68K	$96K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.270	+0.064%	$742K	$227K	20x	as long as short
Paragon para:IREN	+0.0112%	1h	47.253	+0.027%	$607K	$182K	10x	as long as short
tradeXYZ xyz:IREN	+0.0153%	1h	47.243	+0.006%	$3.2M	$2.0M	10x	as long as short
Phoenix IREN	+0.0286%	1h	47.395	+0.328%	$87	$31K	10x	as long as short