Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h −0.055%

Price spread now: QFEX against Gate+0.021%7-day average −0.052% · 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−$42as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on Gate Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.099%−$10 on $10k

Price spread, last 7 days−0.025%−$3 · spread now +0.021%, 7d avg −0.052%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and QFEX is 0.073% dearer against Gate than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.052%. Mind the row above: over the last 3 days funding on this pair cost −0.099%, 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	Gate IREN_USDT	47.380	0	get 0.0000% / 8h	6h 20m	$724K	$1.2M	25x
Short	QFEX IREN-USD	47.390	0.0029	get 0.0004% / 1h	20m 32s	$1.2M	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now +0.021%Rate

Funding earned: $6.17
Price spread: +0.021% → −0.052%: $7.28
Slippage, 4 orders: −$24.36
Fee Gate: 7.5 bp × 2 orders: −$15
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$35.92
Costs to cover: 0.494%
Break-even: 47.8 days

Slippage from Gate: live order book, 2 min ago; QFEX: live order book, 1 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, 2 min ago	4.22 bp	15.4 bp −$15	44.4 bp −$444	75.1 bp −$7,510	doesn't fit
Sell QFEX live order book, 1 min ago	2.11 bp	7.1 bp −$7	14.5 bp −$145	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	47.489	+0.229%	$29K	$4K	20x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.380	0.000%	$1.2M	$523K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.410	+0.063%	$648K	$634K	25x	as long as short
Gate IREN_USDTlong	0.0000%	8h	47.380	long leg	$724K	$1.2M	25x
Bitget IRENUSDT	0.0000%	8h	47.380	0.000%	$2.0M	$436K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.371	−0.018%	$209K	$84K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.372	−0.017%	$4K	$180K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.350	−0.063%	$942	$360K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.250	−0.274%	$9K	$760	20x	as long as short
Vest IREN-USD-PERP	+0.0003%	1h	47.310	−0.148%	—	$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	+0.0007%	8h	47.380	0.000%	$3.4M	$6.3M	25x	as long as short
QFEX IREN-USDshort	+0.0029%	1h	47.390	+0.021%	$1.2M	$1.8M	10x
Lighter RH IREN	+0.0032%	1h	47.402	+0.046%	$68K	$99K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.360	−0.042%	$4K	$7K	5x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.370	−0.021%	$745K	$184K	20x	as long as short
tradeXYZ xyz:IREN	+0.0254%	1h	47.369	−0.023%	$3.2M	$1.9M	10x	as long as short
Paragon para:IREN	+0.0321%	1h	47.358	−0.046%	$599K	$172K	10x	as long as short
Phoenix IREN	+0.0353%	1h	47.393	+0.027%	$83	$31K	10x	as long as short