Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h −0.062%

Price spread now: QFEX against OKX−0.021%7-day average −0.022% · 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−$48as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on OKX Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.218%+$22 · spread now −0.021%, 7d avg −0.022%

Together, before fees+0.158%+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.060%, 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	OKX IREN-USDT-SWAP	47.420	0	get 0.0000% / 8h	1h 03m	$661K	$684K	25x
Short	QFEX IREN-USD	47.410	0.0026	get 0.0003% / 1h	3m 30s	$1.2M	$2.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.021%Rate

Funding earned: $5.36
Price spread: −0.021% → −0.022%: $0.04
Slippage, 4 orders: −$28.38
Fee OKX: 5 bp × 2 orders: −$10
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$42.98
Costs to cover: 0.484%
Break-even: 63.1 days

Slippage from OKX: live order book, 12 min ago; QFEX: 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 OKX live order book, 12 min ago	6.33 bp	16.9 bp −$17	1395.8 bp −$14.0K	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	2.11 bp	7.1 bp −$7	13.6 bp −$136	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
Vest IREN-USD-PERP	−0.0002%	1h	47.300	−0.253%	—	$15K	10x	as long as short
Aster IRENUSDT	0.0000%	8h	47.405	−0.032%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.430	+0.021%	$3.5M	$6.7M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.380	−0.084%	$1.2M	$498K	25x	as long as short
OKX IREN-USDT-SWAPlong	0.0000%	8h	47.420	long leg	$661K	$684K	25x
Gate IREN_USDT	0.0000%	8h	47.410	−0.021%	$734K	$1.5M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.379	−0.086%	$2.0M	$497K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.399	−0.045%	$207K	$88K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.420	0.000%	$5K	$193K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.410	−0.021%	$997	$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	47.390	−0.063%	$9K	$702	20x	as long as short
QFEX IREN-USDshort	+0.0026%	1h	47.410	−0.021%	$1.2M	$2.1M	10x
Extended IREN_24_5-USD	+0.0040%	1h	47.370	−0.106%	$4K	$8K	5x	as long as short
Lighter RH IREN	+0.0056%	1h	47.451	+0.065%	$68K	$115K	10x	as long as short
Paragon para:IREN	+0.0060%	1h	47.385	−0.074%	$637K	$147K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.410	−0.021%	$744K	$147K	20x	as long as short
tradeXYZ xyz:IREN	+0.0323%	1h	47.403	−0.036%	$3.2M	$1.9M	10x	as long as short
Phoenix IREN	+0.0405%	1h	47.384	−0.076%	$84	$38K	10x	as long as short