Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.115%

Price spread now: QFEX against KuCoin−0.021%56s7-day average −0.037% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1401.404% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.184%−$18 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.021%, 7d avg −0.037%

Together, before fees−0.190%−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.037%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin IRENUSDTM	47.460	0.0100	pay 0.0100% / 8h	14m 39s	$746K	$154K	20x
Short	QFEX IREN-USD	47.450	0.0032	get 0.0004% / 1h	14m 39s	$1.2M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$14.2
Price spread: −0.021% → −0.037%: $1.64
Slippage, 4 orders: −$118.42
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$152.97
Costs to cover: 1.404%
Break-even: never at this rate

Slippage from KuCoin: live order book, 49 min ago; QFEX: live order book, 2 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 KuCoin live order book, 49 min ago	5.27 bp	80.6 bp −$81	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 2 min ago	2.11 bp	7.1 bp −$7	14.2 bp −$142	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	47.444	−0.035%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.470	+0.021%	$3.5M	$6.5M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.420	−0.084%	$1.2M	$485K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	47.440	−0.042%	$662K	$667K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	47.460	0.000%	$738K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.417	−0.091%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.468	+0.017%	$207K	$88K	—	as long as short
SunX IREN-USDT	0.0000%	8h	47.460	0.000%	$740	$385K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.430	−0.063%	$9K	$718	20x	as long as short
GRVT IREN_USDT_Perp	+0.0002%	8h	47.462	+0.005%	$4K	$189K	10x	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	47.350	−0.232%	—	$15K	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.475	+0.032%	$68K	$111K	10x	as long as short
QFEX IREN-USDshort	+0.0032%	1h	47.450	−0.021%	$1.2M	$2.1M	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.400	−0.126%	$4K	$8K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	47.408	−0.109%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTMlong	+0.0100%	8h	47.460	long leg	$746K	$154K	20x
tradeXYZ xyz:IREN	+0.0247%	1h	47.450	−0.021%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0388%	1h	47.459	−0.002%	$84	$38K	10x	as long as short