Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.081%

Price spread now: Gate against OKX−0.063%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1111.105% of the position

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.098%+$10 on $10k

Price spread, last 4 days (all we have)+0.245%+$25 · spread now −0.063%, 7d avg +0.016%

Together, before fees+0.344%+$34 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 0.079% cheaper against OKX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX IREN-USDT-SWAP	47.450	0	get 0.0000% / 8h	1h 20m	$662K	$688K	25x
Short	Gate IREN_USDT	47.420	0	get 0.0000% / 8h	1h 20m	$743K	$1.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against OKX. 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 OKXbpFee GatebpOrdersPrice spread, now −0.063%Rate

Funding earned: $0
Price spread: −0.063% → +0.016%: −$7.89
Slippage, 4 orders: −$85.51
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$118.4
Costs to cover: 1.105%
Break-even: never at this rate

Slippage from OKX: live order book, 60 min ago; Gate: 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 OKX live order book, 60 min ago	8.43 bp	23.8 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	3.16 bp	31.5 bp −$32	85.0 bp −$850	121.8 bp −$12.2K	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
Vest IREN-USD-PERP	−0.0001%	1h	47.330	−0.253%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.415	−0.073%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.410	−0.084%	$3.4M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.390	−0.126%	$1.2M	$498K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.450	long leg	$662K	$688K	25x
Gate IREN_USDTshort	0.0000%	8h	47.420	−0.063%	$743K	$1.5M	25x
Bitget IRENUSDT	0.0000%	8h	47.374	−0.160%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.404	−0.097%	$187K	$68K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.411	−0.083%	$5K	$196K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	−0.084%	$599	$389K	10x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IREN-USDT	0.0000%	8h	47.380	−0.148%	$9K	$696	20x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.420	−0.063%	$1.2M	$2.1M	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.380	−0.148%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0048%	1h	47.468	+0.038%	$68K	$114K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.400	−0.105%	$626K	$142K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.450	0.000%	$752K	$141K	20x	as long as short
tradeXYZ xyz:IREN	+0.0363%	1h	47.419	−0.065%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0405%	1h	47.438	−0.025%	$86	$38K	10x	as long as short