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: Bitget against Gate+0.021%7-day average −0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$106as in the Price arb table

costs, in and out, $10k−$1161.161% of the position

Long on Gate Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 7 days−0.108%−$11 · spread now +0.021%, 7d avg −0.083%

Together, before fees−0.182%−$18 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: Bitget is 0.104% dearer against Gate than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.083%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate IREN_USDT	47.370	0	get 0.0000% / 8h	6h 28m	$730K	$1.2M	25x
Short	Bitget IRENUSDT	47.380	0	get 0.0000% / 8h	6h 28m	$2.0M	$437K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Gate. 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 GatebpFee BitgetbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → −0.083%: $10.41
Slippage, 4 orders: −$89.14
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$105.73
Costs to cover: 1.161%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Bitget: 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 Gate live order book, 4 min ago	4.22 bp	15.9 bp −$16	48.2 bp −$482	73.5 bp −$7,350	doesn't fit
Sell Bitget live order book, 4 min ago	3.38 bp	24.4 bp −$24	46.5 bp −$465	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	47.474	+0.220%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.360	−0.021%	$1.2M	$525K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.320	−0.106%	$646K	$635K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.370	long leg	$730K	$1.2M	25x
Bitget IRENUSDTshort	0.0000%	8h	47.380	+0.021%	$2.0M	$437K	20x
Variational Omni IREN	0.0000%	8h	47.333	−0.079%	$209K	$84K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.300	−0.148%	$5K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.350	−0.042%	$942	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.320	−0.106%	$9K	$757	20x	as long as short
Vest IREN-USD-PERP	+0.0003%	1h	47.280	−0.190%	—	$15K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance IRENUSDT	+0.0018%	8h	47.380	+0.020%	$3.4M	$6.3M	25x	as long as short
QFEX IREN-USD	+0.0029%	1h	47.370	0.000%	$1.3M	$1.8M	10x	as long as short
Lighter RH IREN	+0.0040%	1h	47.394	+0.051%	$68K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.320	−0.106%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.360	−0.021%	$744K	$181K	20x	as long as short
tradeXYZ xyz:IREN	+0.0263%	1h	47.376	+0.013%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.331	−0.082%	$86	$31K	10x	as long as short
Paragon para:IREN	+0.0446%	1h	47.340	−0.063%	$599K	$172K	10x	as long as short