Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.009%

Price spread now: Aster against QFEX+0.031%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on QFEX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

The price spread pays, funding is against you. Aster is 0.031% dearer against QFEX than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX IREN-USD	46.680	0.0032	pay 0.0004% / 1h	32m 10s	$1.2M	$1.5M	10x
Short	Aster IRENUSDT	46.694	0	get 0.0000% / 8h	1h 32m	$29K	$9K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against QFEX. 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 QFEXbpFee AsterbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$6.8
Price spread: +0.031% → 0.000%: $3.1
Slippage, 4 orders: no order book: not counted
Fee QFEX: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$21.71
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: QFEX: live order book, 9 min ago; Aster: no order-book sample. Net counts fees only.

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 QFEX live order book, 9 min ago	2.14 bp	7.1 bp −$7	16.3 bp −$163	doesn't fit	doesn't fit
Sell Aster no order-book sample	—	—	—	—	—

Aster: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Bitget IRENUSDT	−0.0352%	8h	46.639	−0.088%	$2.1M	$525K	20x	as long as short
Vest IREN-USD-PERP	−0.0007%	1h	46.590	−0.193%	—	$15K	10x	as long as short
Aster IRENUSDTshort	0.0000%	8h	46.694	+0.031%	$29K	$9K	20x
Binance IRENUSDT	0.0000%	8h	46.663	−0.036%	$3.4M	$6.2M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	46.660	−0.043%	$1.2M	$550K	25x	as long as short
OKX IREN-USDT-SWAP	0.0000%	8h	46.650	−0.064%	$621K	$687K	25x	as long as short
Gate IREN_USDT	0.0000%	8h	46.670	−0.021%	$717K	$1.2M	25x	as long as short
Variational Omni IREN	0.0000%	8h	46.707	+0.057%	$191K	$102K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	46.760	+0.171%	$5K	$215K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	46.830	+0.321%	$863	$342K	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	46.620	−0.129%	$9K	$866	20x	as long as short
QFEX IREN-USDlong	+0.0032%	1h	46.680	long leg	$1.2M	$1.5M	10x
Extended IREN_24_5-USD	+0.0040%	1h	46.630	−0.107%	$4K	$7K	5x	as long as short
Paragon para:IREN	+0.0060%	1h	46.662	−0.039%	$600K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	46.690	+0.021%	$734K	$259K	20x	as long as short
tradeXYZ xyz:IREN	+0.0168%	1h	46.650	−0.064%	$3.1M	$2.0M	10x	as long as short
Lighter RH IREN	+0.0200%	1h	46.699	+0.041%	$70K	$96K	10x	as long as short
Phoenix IREN	+0.0341%	1h	46.688	+0.017%	$85	$31K	10x	as long as short